In a recent court appearance, former acting Governor of the Central Bank of Nigeria, Folashodun Shonubi, revealed the involvement of intrigues and politics in the naira redesign exercise conducted in 2022. Shonubi, who served as the Deputy Governor of Operations and later as acting CBN Governor, testified as a witness in the trial of ex-CBN Governor, Godwin Emefiele.
He disclosed that the redesigned naira notes released under Emefiele’s leadership were different from what ex-President Muhammadu Buhari approved. Shonubi highlighted the political nature of the 2022 naira redesign, especially in light of the upcoming 2023 general elections.
Despite presenting a document with the President’s signature at CBN meetings, Shonubi noted discrepancies between the approved design and the actual production. He also criticized Emefiele for bypassing standard CBN procedures in the redesign process, leading to legal implications.
The court adjourned the case for further proceedings, shedding light on the complex and controversial events surrounding the currency redesign saga.