Emefiele: EFCC Witness Admits Currency Redesign Was Good For The Economy

Mr Folashodun Shonubi, the former Acting Governor of the Central Bank of Nigeria (CBN), and witness of the Economic and Financial Crimes Commission (EFCC) acknowledged during cross-examination by lead defense counsel Mr Olalekan Ojo (SAN) that the aim of the Naira redesign were to combat currency counterfeiting, curb hoarding, and promote the overall well-being of the economy.

Shonubi made this statement on Wednesday during the resumed hearing of the currency redesign-related charges against former CBN Governor Godwin Emefiele.

Regarding the N124 billion debited from the Consolidated Revenue Account, the witness confirmed that the amount was part of the N23 trillion in “Ways and Means” funding, which had been approved by the President, the Federal Executive Council, and subsequently appropriated by the National Assembly.

Shonubi also affirmed that there was not only presidential approval for the currency redesign but that the President, who had the final authority on the matter, did not express any dissatisfaction with the printed currency before its official launch.