Emefiele Trial: Witness Tells Court Buhari Approved Naira Redesign, Insisted on Local Production

A witness in the ongoing trial of former Central Bank of Nigeria (CBN) governor Godwin Emefiele has told a High Court of the Federal Capital Territory (FCT), Abuja, that the controversial naira redesign was approved by late former President Muhammadu Buhari, who also insisted that the new notes be produced locally.

The witness, Chinedu Eneanya, who appeared on Tuesday as the seventh prosecution witness, disclosed this while giving evidence before the court. Eneanya said the redesigned naira notes were produced by the Nigerian Security Printing and Minting Company (NSPMC) in line with a clear presidential directive.

Testifying under cross-examination by Olalekan Ojo, counsel to Emefiele, Eneanya explained that the former CBN governor had formally sought presidential approval before the redesign exercise. According to him, Emefiele wrote a memorandum dated October 6, 2022, to Buhari, requesting approval to redesign and reissue the N1,000, N500, N200 and N100 denominations.

He told the court that Buhari granted the request but added a specific condition that the redesigned currency must be produced within Nigeria, rather than outsourced abroad. Eneanya maintained that this directive was strictly followed, with the NSPMC handling the production process.

The witness further stated that the CBN acted in accordance with established procedures and presidential authorization throughout the redesign process, countering suggestions that the exercise was carried out unilaterally by Emefiele.

The trial, which centres on allegations linked to Emefiele’s tenure as CBN governor, continues as the prosecution and defence present their cases before the FCT High Court.