Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Obiora, testified in the ongoing trial of former CBN Governor Godwin Emefiele that the CBN board did not recommend the controversial 2022 naira redesign policy to President Muhammadu Buhari. Obiora, who also served as Special Adviser on Economic Matters to Emefiele, gave his testimony as the fifth prosecution witness during the trial in Abuja. He testified via audio-visual link, led by the Economic and Financial Crimes Commission (EFCC) prosecutor Rotimi Oyedepo.
Key Testimony Points:
- First Knowledge of Policy: Obiora revealed that the CBN board first learned about the naira redesign policy on December 15, 2022, during a meeting where Emefiele informed the board about the President’s approval of the plan. He stated, “I do not recollect any instance of the board making a recommendation for naira redesign to the President.”
- Emefiele’s Announcement to Deputy Governors: Obiora recalled that Emefiele first shared the naira redesign plan with the CBN’s four Deputy Governors on October 25, 2022, during the eNaira anniversary event in Lagos. Obiora advised against making the announcement at the event, suggesting that more time was needed to study the policy.
- CBN Committee of Governors Approval: The Committee of Governors (COG) of the CBN formally reviewed and approved the memo for the naira redesign policy on October 26, 2022, with Emefiele and two deputy governors later announcing the policy publicly.
- Board’s Limited Role: Obiora clarified that while the CBN board ratified the decision in December 2022, it had minimal involvement in the policy’s initial stages, as the Committee of Governors had already given approval.
- Presidential Directives: Obiora acknowledged that there were instances when the President issued directives for funds to be disbursed to countries like Chad and Niger, as well as the military, and that the CBN would act on such instructions even before the board was formally informed.
Additional Points:
- Currency Redesign Rationale: Obiora agreed with prosecutor Oyedepo that one of the main objectives of the currency redesign was to combat currency hoarding and trafficking in Nigeria.
- EFCC Investigation: He also stated that during his EFCC interrogation, he was not shown any documents from President Buhari or the Presidency that raised concerns about the newly redesigned naira notes already in circulation.
Court Proceedings:
- The testimony concluded with Oyedepo requesting an adjournment, which was not opposed by the defense.
- Defense Lawyer Olalekan Ojo requested the court to vacate the scheduled November 29 trial date due to personal commitments, and Justice Maryanne Anenih subsequently adjourned the trial to December 4, 2024.
This testimony sheds light on the internal decision-making process regarding the controversial 2022 naira redesign and its eventual implementation.
