EFCC witness admits currency redesign was good for the economy while being cross-examined during Emefiele’s trial

Mr. Folashodun Shonubi, former Acting Governor of the Central Bank of Nigeria (CBN), testified in court during cross-examination that the Naira redesign was intended to tackle currency counterfeiting, curb hoarding, and improve the overall state of the Nigerian economy. 

Shonubi made these remarks on Wednesday, October 2, during the resumed hearing of currency redesign-related charges against former CBN Governor Godwin Emefiele.

During questioning by lead defense counsel Mr. Olalekan Ojo (SAN), Shonubi acknowledged the key objectives behind the Naira redesign, emphasizing its alignment with national economic interests.

Shonubi also addressed concerns regarding the N124 billion debited from the Consolidated Revenue Account, explaining that the amount was part of the N23 trillion in “Ways and Means” funding. He confirmed that this funding had been approved by the President, the Federal Executive Council, and later appropriated by the National Assembly.

He further confirmed that the currency redesign had presidential approval, stating that the President, who held the final authority, expressed no dissatisfaction with the printed currency before its official launch.

The trial continues as Emefiele faces charges related to the controversial Naira redesign policy and financial dealings under his tenure.