Witness Testifies on Buhari's Approval of Naira Redesign in Emefiele Trial

During an ongoing trial at a Nigerian court, a witness named Chinedu Emer from the Economic and Financial Crimes Commission (EFCC) testified about President Buhari's approval of the naira currency redesign under the leadership of Godwin Emefiele, the Governor of the Central Bank of Nigeria. Emer disclosed that Emefiele sought approval from Buhari to redesign and reissue the N1,000, N500, N200, and N100 notes.

Following the presidential approval, the Nigerian Security Printing and Minting Company (NSPMC) and the foreign firm De La Rue were involved in the redesign process, with payments made in British pounds sterling. The redesign was motivated by reasons such as a high rate of counterfeiting, currency shortages, and hoarding by the public.

The EFCC produced an investigative report on the currency redesign policy during the trial, with defense counsel Olalekan Ojo requesting a copy of the report. The case involves allegations of disobedience, illegal acts, and causing harm to the public, to which Emefiele has pleaded not guilty.