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Ex-CBN Deputy Governor Alleges New Naira Notes Printed By Emefiele Differ From Buhari’s Official Approval

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Ex-CBN Deputy Governor Alleges New Naira Notes Printed By Emefiele Differ From Buhari’s Official ApprovalThe trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, resumed on Thursday at the Federal Capital Territory (FCT) High Court in Maitama. During the proceedings, Kingsley Obiora, the former CBN Deputy Governor of Policy and the fifth prosecution witness, testified about discrepancies between the new naira notes circulated under Emefiele’s leadership and the initial approval granted by President Muhammadu Buhari.....KINDLY READ THE FULL STORY HERE▶

Testifying via Zoom before Justice Maryann Anenih, Obiora pointed out that the currency produced differed from what the President had initially approved. “The approval by the President was different from what was eventually produced,” Obiora stated, as he examined the evidence presented by the prosecution counsel, Rotimi Oyedepo SAN.

Obiora explained that he identified the inconsistency after comparing the President’s original authorization with the final currency release.

Having served at the CBN for over seven years, Obiora provided insights into his role within the CBN’s Committee of Governors (COG), which included the governor, four deputy governors, and the director of corporate services. He highlighted that Emefiele, as the CBN governor, chaired the weekly COG meetings, where important policy decisions, including the currency redesign, were discussed.

On the involvement of the CBN Board, Obiora clarified that the board was formally informed of the naira redesign in mid-December 2022, months after the decision had been made by the COG. He emphasized that the board’s role was to endorse policies rather than initiate them, as their function was more about policy approval than day-to-day management.

Obiora also briefly reflected on his experience with currency design, mentioning his involvement in the redesign of the N100 note in 2014, during his early tenure as a special adviser. However, he stressed that he was not directly involved in the process at that time.

 

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