Emefiele Trial: Buhari Approved Naira Redesign, Court Testimony
The Buhari approved naira redesign narrative took center stage on Tuesday as fresh testimony in the ongoing trial of former Central Bank of Nigeria Governor Godwin Emefiele revealed that late President Muhammadu Buhari personally authorized the policy and issued a firm directive that the new banknotes must be produced locally.
Testifying before the High Court of the Federal Capital Territory in Abuja, Chinedu Eneanya, the seventh prosecution witness and an investigator with the Economic and Financial Crimes Commission, told the court that Buhari explicitly endorsed the naira redesign but insisted that the printing be carried out within Nigeria.
Eneanya explained that the approval followed a formal memorandum submitted by Emefiele to the President in October 2022. The document outlined urgent monetary issues and proposed a comprehensive redesign of the N1000, N500, N200, and N100 denominations to address rising financial risks.
According to the witness, the memo highlighted escalating cases of currency counterfeiting, the severe shortage of clean and usable banknotes, and intelligence reports suggesting that a large proportion of naira notes were being hoarded outside the banking system, undermining monetary control.
Under cross examination by Emefiele’s lead counsel, Olalekan Ojo SAN, Eneanya disclosed that Buhari reviewed the proposal and samples of the redesigned notes before giving a handwritten approval. He told the court that the President’s directive was clear and unambiguous: the redesign was approved but production must be done locally.
Eneanya said the instruction was aimed at strengthening the capacity of the Nigerian Security Printing and Minting Company and conserving foreign exchange. He confirmed that the actual printing of the redesigned notes was carried out by the NSPMC in Nigeria, in line with the presidential order.
However, the witness clarified that the design component of the project was handled by De La Rue, a United Kingdom based security printing company that had previously designed Nigeria’s currency. He told the court that while De La Rue was paid in British pounds for its design and security feature services, the NSPMC received payments in naira for the local production of the notes.
The testimony also triggered legal exchanges in court. Emefiele’s defense team applied to tender an EFCC investigative report which they said was crucial to their case. The prosecution objected, arguing that the document was not presently in their custody.
Presiding judge Justice Maryanne Anenih ruled in favor of the defense and ordered the prosecution to make the document available, stressing the need for fairness and transparency in the trial.
Emefiele is facing a four count charge bordering on disobedience to lawful directives and acts alleged to have caused public injury. The charges include claims that he violated Section 19 of the CBN Act by allegedly failing to secure the recommendation of the bank’s board before implementing the naira redesign.
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The testimony by Eneanya has added a new layer to the case. By confirming that Buhari approved the naira redesign under Emefiele and mandated local production which was reportedly followed, the defense is positioning its argument around presidential authority and compliance. As the trial continues, the court is expected to determine whether procedural lapses alleged by the prosecution amount to a criminal breach of the law.