Emefiele Recommended Naira Redesign to Buhari Without CBN Board Approval – Witness Testifies

Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Obiora, testified that the bank’s board did not recommend the 2022 naira redesign to then-President Muhammadu Buhari.

Obiora, who once served as Special Adviser on Economic Matters to former CBN Governor Godwin Emefiele, stated that the board first learned of the redesign policy on December 15, 2022.

Obiora provided his testimony as the fifth prosecution witness in Emefiele’s trial in Abuja, appearing via audio-visual link, with Economic and Financial Crimes Commission (EFCC) lawyer Rotimi Oyedepo leading the questioning.

“To the best of my recollection, the first day this policy (naira redesign) was discussed at the board was mid-December 2022, around December 15,” Obiora testified. “The Governor invited the Deputy Governor of Operations and the Director of Currency Operations to present the same memo that the Committee of Governors (COG) had reviewed in October. He informed the board of the President’s approval. I do not recall any instance of the board recommending the naira redesign to the President.”

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Obiora revealed that on October 25, 2022, during an event marking the eNaira’s one-year anniversary in Lagos, Emefiele shared the redesign plan with four Deputy Governors. Obiora advised against announcing it at the event, stressing the need for further study of the policy.

The following day, October 26, 2022, Emefiele instructed Deputy Governor of Operations Ade Shonubi to present the redesign memo to the CBN’s Committee of Governors. With the COG’s approval, Emefiele and two deputies later announced the policy publicly.

During cross-examination, Obiora confirmed previous roles, including as a technical adviser to former President Goodluck Jonathan. He emphasized that, at the December 15 board meeting, the CBN ratified the policy decision made by the COG, highlighting the board’s minimal initial involvement.

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Obiora also testified to his knowledge of presidential approvals for CBN disbursements to Chad, Niger, and the Nigerian military, explaining that such requests came directly to the governor and were usually executed before informing the board.

He further noted that during his EFCC interrogation, he saw no document from President Buhari or his officials objecting to the redesigned naira notes in circulation. Obiora acknowledged that currency redesigns are often aimed at curbing currency trafficking and hoarding.

The testimony ended with Oyedepo requesting an adjournment, which the defense did not oppose. Defense lawyer Olalekan Ojo requested a date change for personal reasons, and Justice Maryanne Anenih adjourned the trial to December 4.

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