Ex-CBN Deputy Governor Claims Emefiele’s Naira Notes Diverted from What Buhari Approved
Embattled former Central Bank of Nigeria (CBN) Governor Godwin Emefiele faced further allegations in his trial at the Federal Capital Territory High Court in Abuja on Thursday. Former CBN Deputy Governor Kingsley Obiora testified that Emefiele’s currency redesign deviated from what former President Muhammadu Buhari had approved.
Obiora, the fifth prosecution witness, informed Justice Maryann Anenih that the final naira notes introduced under Emefiele’s directive did not reflect the specifications originally sanctioned by the President.
Speaking remotely, Obiora remarked, “The approval by the President was different from what was eventually produced.”
He said he became aware of the divergence after reviewing both the President’s initial guidelines and the circulated notes.
Obiora, who served on the CBN’s Committee of Governors (COG) under Emefiele’s leadership, recalled the inception of the redesign at an October 2022 CBN event in Lagos.
“The governor called all four deputy governors into a huddle and informed us of the plan to redesign the currency,” he testified, expressing concerns about the timing.
“My personal reaction was that the event itself may not be the appropriate place to announce such a major policy,” he added, advocating for more deliberation.
Obiora’s testimony comes about a month after another key witness, Edward Adamu, claimed that Emefiele bypassed both former President Buhari and the CBN Board in implementing the controversial 2023 naira redesign.
Adamu corroborated Obiora’s assertion, stating, “Emefiele unilaterally made changes to the redesign of the N200, N500, and N1000 notes.”
Since his removal as CBN governor and subsequent arrest, Emefiele has been detained, facing multiple charges, including abuse of office, money laundering, and unauthorized implementation of the naira redesign.
