In a stunning revelation during the ongoing trial of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele, Folashodun Shonubi, the ex-acting governor of the CBN, has disclosed that political maneuvering played a significant role in the controversial Naira redesign policy implemented under President Muhammadu Buhari’s administration.
Shonubi Testifies on Naira Redesign Policy
Shonubi, who served as Deputy Governor (Operations) before his appointment as Acting Governor, provided critical insights while testifying before the High Court of the Federal Capital Territory. Emefiele is facing prosecution by the Economic and Financial Crimes Commission (EFCC) on charges related to disobedience of lawful directives and actions detrimental to the public concerning the currency redesign.
Admission of Political Influence
During his testimony, Shonubi acknowledged the presence of political influences surrounding the Naira redesign initiative. “The currency redesign of 2022 was the only one that I was part of. During meetings with Emefiele, he indicated that there were politics and intrigues involved in the entire process,” he revealed.
Departure from Standard Procedures
Shonubi further criticized the CBN’s failure to adhere to established protocols for currency redesign. He explained that typically, the Currency Management Department would recommend a redesign, which would then be submitted for consideration by the Committee of Governors (COG), followed by the CBN Board and ultimately the President for final approval.
“The CBN did not follow the procedures for redesigning the currency,” Shonubi stated. He recounted that in early 2021, the Currency Department had initially recommended a redesign, but Emefiele ordered that the proposal be shelved.
Key Events Leading to the Redesign
Shonubi detailed the timeline leading to the 2022 redesign, noting that in mid-October of that year, the Deputy Governors were summoned to a meeting where Emefiele disclosed that he had received presidential approval for the currency redesign. “He showed us the memo with the President’s signature and instructions on the last page,” Shonubi said.
This testimony sheds light on the complex interplay of politics and governance within the CBN, raising questions about the integrity of the Naira redesign process and its implications for Nigeria’s economy.
