RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economy

Emefiele’s Naira Redesign Memo Takes Centre Stage in EFCC Trial

Victoria Attah by Victoria Attah
February 5, 2026
in Economy
Reading Time: 2 mins read
A A
0
U.S. Steps In on Emefiele Trial, Alleges Human Rights Violations
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

A 2022 memo from former Central Bank of Nigeria (CBN) Governor Godwin Emefiele seeking presidential approval for the controversial naira redesign policy became the focal point of his ongoing trial on Tuesday, as the Economic and Financial Crimes Commission (EFCC) called its seventh prosecution witness.

Testifying before Justice Maryanne Anenih at the Federal Capital Territory High Court in Abuja, EFCC investigator Chinedu Eneaya confirmed that the memo  which pitched the redesign of the N200, N500, and N1,000 notes as essential to tackle counterfeiting and improve the quality of fit banknotes  received the endorsement of then-President Muhammadu Buhari.

AlsoRead

Tinubu Issues Executive Order to Redirect All Oil Revenues to Federation Account, Ending NNPCL Deductions

US Dollar Slides to One-Week Low Amid Escalating Geopolitical Risks and Trade Uncertainty

CBN Cuts Benchmark Rate by 50bps to 26.5% in Measured Easing Move

Under cross-examination by Emefiele’s lead counsel, Senior Advocate Olalekan Ojo, the witness read out Buhari’s handwritten approval on the document: “Approved but to be produced locally.” The endorsement highlighted the former president’s backing for the initiative, although the policy’s chaotic implementation triggered severe cash shortages, public hardship, and widespread economic disruption in late 2022 and early 2023.

Eneaya also detailed the roles of De La Rue (the UK-based firm involved in the redesign) and the Nigerian Security Printing and Minting Company (which handled local production). He confirmed that the CBN made payments to both entities for their services. When pressed on whether any previous CBN deputy governors had recommended a fully Nigerian firm for the design work, the witness said he could not recall such advice.

The defence sought  and was granted  access to the EFCC’s full investigative report to challenge aspects of Eneaya’s testimony. Prosecution counsel Rotimi Oyedepo had initially opposed the request, arguing that all relevant documents were already before the court, but Justice Anenih ruled in favour of the defence.

Earlier testimony from former CBN Deputy Governor Kingsley Obiorah revealed that the apex bank’s board was not informed of the redesign policy until mid-December 2022, raising fresh questions about internal governance and decision-making processes at the time.

The EFCC is prosecuting Emefiele on multiple charges related to the naira redesign, alleging abuse of office, economic sabotage, and actions that caused financial losses and public distress. Emefiele and his legal team maintain that the policy was lawful, presidentially approved, and aimed at addressing genuine currency challenges.

The trial, which has drawn intense public interest due to its intersection of monetary policy, politics, and governance, has been adjourned to February 10, 2026, for continuation. More witnesses are expected to testify in the coming sessions, potentially shedding further light on one of the most disruptive economic policies in Nigeria’s recent history.

As proceedings continue, the naira redesign saga remains a stark reminder of how central banking decisions can ripple through the entire economy  and how fiercely they are scrutinised when the outcomes fall short of expectations.

Tags: Emefiele
Previous Post

Naira Surges to N1,358.91/$ in Official Market, Strongest Level in Nearly Two Years

Next Post

Larger Disparities Boom Between Black Market and Official Rates

Related News

Top Story: Tinubu Present N27.5 Trillion As 2024 Budget

Tinubu Issues Executive Order to Redirect All Oil Revenues to Federation Account, Ending NNPCL Deductions

by Akpan Edidong
February 27, 2026
0

President Bola Tinubu has signed an executive order that fundamentally reshapes the management of Nigeria's oil and gas revenues, directing...

Battered Commodity Currencies Gain Attention Amid Dollar’s Decline.

US Dollar Slides to One-Week Low Amid Escalating Geopolitical Risks and Trade Uncertainty

by Stephen Akudike
February 27, 2026
0

The US dollar weakened to its lowest level in a week on February 26, 2026, as investors scaled back positions...

Nigerian Equity Market Sees Impressive N1.08tn Wealth Gain Amidst Bullish Trading.

CBN Cuts Benchmark Rate by 50bps to 26.5% in Measured Easing Move

by Stephen Akudike
February 26, 2026
0

The Central Bank of Nigeria (CBN) reduced its Monetary Policy Rate (MPR) by 50 basis points to 26.5% on February...

Nigeria’s Stock Market Records N1.81 Trillion Gain in July.

NGX Closes Lower as Profit-Taking in Banking and Insurance Weighs on Market

by Stephen Akudike
February 26, 2026
0

The Nigerian Exchange Limited (NGX) extended its bearish session on Wednesday, February 25, 2026, with the benchmark All-Share Index dipping...

Next Post
Naira Surges Against US Dollar, Falls Below N1,000 Mark

Larger Disparities Boom Between Black Market and Official Rates

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Top Story: Tinubu Present N27.5 Trillion As 2024 Budget

Tinubu Issues Executive Order to Redirect All Oil Revenues to Federation Account, Ending NNPCL Deductions

February 27, 2026
Battered Commodity Currencies Gain Attention Amid Dollar’s Decline.

US Dollar Slides to One-Week Low Amid Escalating Geopolitical Risks and Trade Uncertainty

February 27, 2026

Popular Story

  • Top Story: Tinubu Present N27.5 Trillion As 2024 Budget

    Tinubu Issues Executive Order to Redirect All Oil Revenues to Federation Account, Ending NNPCL Deductions

    0 shares
    Share 0 Tweet 0
  • MTN Nigeria Delivers N5.2 Trillion Service Revenue in 2025.

    0 shares
    Share 0 Tweet 0
  • US Dollar Slides to One-Week Low Amid Escalating Geopolitical Risks and Trade Uncertainty

    0 shares
    Share 0 Tweet 0
  • NGX Bearish Streak Deepens as Profit-Taking Erases N514 Billion from Market Value

    0 shares
    Share 0 Tweet 0
  • FMDQ Approves Listing of Lagos State’s N244.82 Billion Dual-Series Bonds Under N1 Trillion Programme

    0 shares
    Share 0 Tweet 0

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>