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, explaining that his team examined a range of evidence—including documents, electronic materials and audiovisual recordings—to assess the policy’s impact.
The court admitted several exhibits tendered by the prosecution, such as documents, video recordings and certified true copies of delivery notes. Six video clips produced by national television stations were played, revealing widespread public frustration as many Nigerians struggled to meet 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 defence counsel.
Eneanya’s testimony highlighted that members of the CBN’s Board and Committee of Governors only became aware of the president’s approval after the redesign exercise had already been sanctioned. He noted that the investigation aimed to determine whether the laws governing changes to the naira policy were applied correctly or abused. When questioned about the Supreme Court’s judgment regarding the redesign, the witness was allowed to provide evidence after the defence 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 had approved the naira redesign policy. The court proceedings have been adjourned to 26 November, following a request by the defence 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, further details about the decision‑making process behind the redesign and its effects on the Nigerian economy are likely to emerge.
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