A Federal Capital Territory High Court has been told that the naira redesign policy implemented by the Central Bank of Nigeria under former governor Godwin Emefiele caused significant hardship for Nigerians. Chinelo Eneanya, an investigator with the Economic and Financial Crimes Commission, testified as the seventh prosecution witness, stating that his team examined various forms of evidence to assess the policy’s impact. This included documents, electronic materials, and audiovisual recordings.
The court admitted several exhibits tendered by the prosecution, including documents, video recordings, and certified true copies of delivery notes. Six video clips produced by national television stations were played in court, revealing widespread public frustration as many Nigerians struggled to meet their daily needs and sustain their businesses during the cash crunch. The prosecution also tendered bills of settlement relating to the redesigned naira notes for 2022 and 2023, which were admitted without objection from the defense counsel.
Eneanya’s testimony highlighted that the investigation showed members of the CBN’s Board and Committee of Governors only became aware of the president’s approval after the redesign exercise had been approved. The witness noted that the investigation aimed to determine how the laws on changes to the naira policy were applied or abused. When questioned about the Supreme Court’s judgment regarding the naira redesign, the witness was allowed to provide evidence after the defense counsel’s objection was overruled.
During the investigation, Emefiele was interviewed, and his extra-judicial statements to EFCC investigators were tendered as evidence. He was questioned about whether the Board of Governors approved the naira redesign policy. The court proceedings have been adjourned to November 26, following a request by the defense counsel for more time to cross-examine the witness.
The naira redesign policy has been a subject of controversy, with many Nigerians criticizing its implementation and the resulting cash shortage. The court’s consideration of the policy’s impact and the investigation’s findings will be crucial in determining the outcome of the case. As the trial continues, it is likely that more details will emerge about the decision-making process behind the naira redesign and its effects on the Nigerian economy.