An Abuja court has heard that former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, acted in line with a directive from late President Muhammadu Buhari requiring that redesigned Naira notes be produced within Nigeria.
The testimony was given by Mr Chinedu Emere, an investigator with the Economic and Financial Crimes Commission (EFCC), during proceedings in Emefiele’s trial for alleged disobedience to the direction of law and acts said to have caused injury to the public.
Emefiele has pleaded not guilty to the charge, which the EFCC said is punishable under Section 123 of the Penal Code.
While being cross-examined by defence counsel, Mr Olalekan Ojo, SAN, Emere told the court that Emefiele submitted a memorandum dated 6 October 2022 requesting approval to redesign and reissue the N1,000, N500, N200 and N100 denominations.
He said the former president approved the request but insisted that production be handled locally by the Nigerian Security Printing and Minting Company.
“The President approved the redesign but directed that the notes be produced locally,” the witness said.
Emere stated that the policy was driven by concerns over counterfeiting, shortage of currency in circulation and extensive hoarding of Naira notes.
He confirmed that the redesigned notes were printed by NSPMC in compliance with the presidential directive, but added that the redesign work was carried out by the foreign firm De La Rue.
According to him, the Central Bank paid De La Rue in British pounds for the redesign, while payments for production were made to NSPMC in Naira.
The witness also confirmed that De La Rue originally designed the Naira notes and developed the security features used in the redesigned currency.
During proceedings, the defence requested the EFCC’s investigation report, a move opposed by the prosecution. However, the presiding judge, Justice MaryAnn Anenih, ordered the prosecution to make the document available to the defence.
The matter was adjourned until 10 February for continuation of hearing.
