Folashodun Shonubi, former acting Governor of the Central Bank of Nigeria (CBN), testified in the trial of ex-CBN Governor Godwin Emefiele. Shonubi revealed that the 2022 naira redesign exercise was plagued by politics and intrigues.
He stated that Emefiele informed him and other Deputy Governors that President Muhammadu Buhari approved the redesign, but the actual implementation differed from the approved plan.
Shonubi’s testimony implicated Emefiele in disregarding established CBN procedures for currency redesign. Typically, the Currency Management Department recommends redesign, followed by approval from the Committee of Governors and CBN Board, and finally, presidential approval. However, Emefiele allegedly bypassed these steps and presented a memo directly to the President.
Shonubi recalled a 2021 proposal for naira redesign, which Emefiele initially rejected, only to revisit the idea in 2022 without following proper procedures. This, Shonubi suggested, indicated Emefiele’s unilateral decision-making and potential political motivations.
The testimony raises questions about Emefiele’s actions and potential collusion with President Buhari. The trial’s outcome may shed light on the extent of political interference in the CBN’s decision-making processes. The case has been adjourned until October 9 for further hearing.
