The trial of former Central Bank of Nigeria (CBN) governor, Godwin Ifeanyi Emefiele, took a new turn on Wednesday as a prosecution witness told the court that the 2022 naira redesign exercise breached provisions of the law.
Testifying before Justice Maryanne Anineh at the Federal Capital Territory High Court in Maitama, Abuja, the seventh prosecution witness, Chinedu Eneanya, said the process failed to comply with the Central Bank of Nigeria Act 2007.
Emefiele is being prosecuted by the Economic and Financial Crimes Commission on a four-count charge linked to the alleged unlawful printing of redesigned naira notes.
Under cross-examination by defence counsel, Olalekan Ojo, SAN, Eneanya told the court that investigations revealed the absence of mandatory board recommendations before the redesign was carried out.
“The Central Bank must have board recommendations before the currency is redesigned,” he said.
The witness further disclosed that Emefiele presented three sample designs for the N1000, N500 and N200 notes, which received presidential approval. However, he claimed the final output differed from what was initially approved.
“The president approved the design and directed local production, but what was eventually produced was not what was presented,” Eneanya added.
According to the witness, the original naira design had been handled by UK-based firm De La Rue.
He also confirmed that the Central Bank paid the Nigeria Security Printing and Minting Company Limited for printing the redesigned currency, which was carried out locally before the investigation began.
When asked whether members of the CBN Board or Committee of Governors were invited during the probe, Eneanya said the commission relied on statements from officials within the bank’s corporate secretariat.
During re-examination, prosecution counsel Abbas Mohammed sought to clarify whether the president’s directive covered design or production.
Eneanya explained that the redesigned currency was presented to former President Muhammadu Buhari for approval, which was granted.
“Investigation shows that the design of the currency was already shown to the president and it was approved,” he said.
Justice Anineh adjourned the case to May 11, 2026, for continuation of trial.
