A former acting governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, has confirmed that the Naira Design Policy implemented by President Muhammadu Buhari’s administration was influenced by politics and intrigues.

Shonubi, then Deputy Governor (Operations) before his appointment as Acting CBN Governor, said this when he gave his testimony in an ongoing trial of the ex-governor of the CBN, Godwin Emefiele.

Emefiele is currently being prosecuted by the Economic and Financial Crimes Commission (EFCC) before the High Court of the Federal Capital Territory on four counts bordering on disobedience to the direction of law and illegal act causing injury to the public in relation to the naira redesign exercise.

When being led in examination in chief by EFCC lawyer, Olalekan Ojo (SAN), during the trial, Shonubi admitted that he was aware of the intrigues and politics in the naira redesign exercise.

“The currency redesign of 2022 was the only one that I was part of. When we had meetings with the defendant (Emefiele), he said there were politics and intrigues around the whole exercise,” Shonubi said.

Shonubi also revealed that the CBN, under Emefiele’s leadership, did not follow its standard procedures for currency redesign.

“Normally, the Currency Management Department of the CBN would recommend a redesign, followed by a submission to the COG for consideration.

“If approved, the recommendation would go to the CBN Board and then to the president for final approval. An internal committee would then be established to carry out the redesign,” he said.
As a Deputy Governor and a member of both the COG and CBN Board, Shonubi stated that in early 2021, the Currency Department recommended redesigning the naira, but Emefiele instructed that the recommendation be shelved.

He continued: “While serving as Deputy Governor, there was a time Naira was redesigned. That was in 2022.

“The CBN did not follow the procedures (for redesigning the currency). I was a member of CBN Board as Deputy Governor.

“The Chairman of both the COG and board was the Governor. Prior to 2022, in early 2021, the Currency Department recommended the redesign of the currency notes.
“A paper was presented to me and on the instruction of the Governor (Emefiele), it was stepped down. In 2022, we again represented the paper and were asked to hold on.

“In mid-October 2022 the Deputy Governors (of the CBN) were invited to a meeting in the office of the Governor whereby he (Emefiele) informed us that he has presidential approval for currency redesign.”

“He showed us the memo, Mr President’s signature and instruction on the last page,” the witness said.