The former Central Bank of Nigeria (CBN) governor, Godwin Ifeanyi Emefiele, acted in breach of the CBN Act during the 2022 naira redesign exercise, according to the seventh prosecution witness, Chinedu Eneanya. Eneanya, testifying before Justice Maryanne Anineh at the Federal Capital Territory High Court in Maitama, Abuja, stated that the redesign process did not follow the legal framework governing the central bank's operations. He pointed to specific provisions of the CBN Act that Emefiele allegedly ignored, particularly those requiring due process and approval channels for currency changes. The prosecution is using Eneanya's testimony to build a case that Emefiele overstepped his authority in executing the policy.
Eneanya, who appeared as a technical expert, explained that the redesign, which restricted old naira notes from being legal tender from June 2023, was carried out without the necessary legislative or board-level clearances. He emphasized that such a significant monetary policy action required broader institutional consensus, which was not obtained. The court heard that the timing and implementation of the policy created avoidable economic disruptions, including cash shortages and business slowdowns. Emefiele has pleaded not guilty to the charges related to the redesign and abuse of office.
The case continues with further witness testimonies expected in the coming weeks.
When Chinedu Eneanya says Emefiele bypassed the CBN Act, it means the former governor treated a foundational monetary law as optional. That kind of unilateral power undermines the central bank's credibility and sets a dangerous precedent for economic governance. Monetary policy should not be executed through executive impulse but through institutional process. This trial is less about a currency redesign and more about whether Nigeria's financial systems can operate beyond the reach of individual authority.
