The redesigned 200, 500, and 1,000 naira notes introduced in late 2022 were not the versions approved by former President Muhammadu Buhari, a detective with the Economic and Financial Crimes Commission (EFCC), Chinedu Eneanya, told the FCT High Court in Abuja on Wednesday. Eneanya, testifying as the seventh prosecution witness in the trial of former Central Bank of Nigeria (CBN) governor Godwin Emefiele, said Buhari approved the redesign based on a memo from Emefiele and directed that production be done locally. However, the investigation found that the final notes produced differed from those submitted to the president. Emefiele is facing four charges, including illegal redesign of currency and violating Section 19 of the CBN Act, which requires presidential approval following a board recommendation.
The EFCC alleges the redesign caused a severe cash shortage ahead of the 2023 general elections, triggering economic chaos. Eneanya confirmed that the Nigerian Security Printing and Minting Company (NSPMC), through its Managing Director Ahmed Halilu, produced the notes locally and was paid by the CBN. Halilu's statement to EFCC investigators confirmed local production, and no evidence contradicted this. Still, the prosecution maintains Emefiele acted without proper authority. Eneanya stated that neither the CBN board nor its committee of governors recommended the redesign to the president. The trial judge, Maryann Annenih, adjourned proceedings to 11 May.
Godwin Emefiele's alleged bypass of CBN procedures wasn't just a technical breach—it directly preceded a currency crisis that disrupted millions of Nigerians' lives. If the court confirms the notes rolled out were not what Buhari approved, it undermines the legitimacy of a policy imposed at a politically sensitive moment. This isn't about internal process alone; it questions whether a central bank official can unilaterally trigger national economic strain without consequence. The trial now holds the potential to clarify where accountability lies for one of the most disruptive financial episodes in recent years.
