Former Deputy Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, on Wednesday, told the Federal Capital Territory (FCT) High Court in Maitama, Abuja, that the redesign of the naira was influenced by politics.
Shonubi stated this during the follow-up trial of former CBN Governor Godwin Emefiele over alleged abuse of office.
The Economic and Financial Crimes Commission (EFCC) charged the former CBN governor with four counts of disobedience to law and other criminal acts.
President Bola Tinubu appointed Shonubi as acting CBN governor following Emefiele’s suspension in June last year.
The witness who was invited to give evidence by EFCC attorney, Rotimi Oyedepo (SAN), said the former CBN governor admitted to him that there was intrigue and politics in the redesign of the naira.
He added that the template produced by the CBN for the redesigned naira banknotes was different from the template approved by former President Muhammadu Buhari.
READ ALSO: Emefiele fights back, challenges seizure of over $2 million in assets
Shonubi said: “The currency redesign in 2022 is the only thing I’m following. When we had a meeting with the accused, he said that there was an element of politics and intrigue in the whole exercise.
“The CBN did not follow currency redesign procedures. I am a member of the CBN Council as Deputy Governor. The chairman of the COG and its council is the Governor. Before 2022, in early 2021, the Department of Currency recommended a redesign of the banknotes.
“A paper was submitted to me and on the instructions of the Governor (CBN) the paper was postponed. In 2022, we again represented the paper and were asked to stay on.
“In mid-October 2022, the bank’s Deputy Governor was invited to a meeting at the Governor’s office where he informed us that he had presidential approval to redesign the currency.
“He showed us the memo, Mr. President’s signature, and the instructions on the last page.”
The post ‘Politics involved in naira redesign under Emefiele,’ former CBN deputy governor tells court appeared first on Latest Nigerian News | Top News from Ripples Nigeria.
