Ex-Director Of Currency Operations Surprised By Lack Of Communication On Naira Redesign

Ex-Director Of Currency Operations Surprised By Lack Of Communication On Naira Redesign....KINDLY READ THE FULL STORY HERE▶

A former Director of Currency Operations at the Central Bank of Nigeria (CBN), Mr. Ahmed Umar, testified before an FCT High Court on Tuesday, stating that he did not receive the minutes of the CBN management meeting regarding the Naira redesign………..CONTINUE READING

Umar, appearing as the prosecution’s first witness (PW 1) in the alleged naira swap case against the suspended CBN Governor, Godwin Emefiele, revealed this during the proceedings.

Emefiele faces a four-count charge filed by the EFCC, alleging that he disobeyed legal directives, intending to cause harm to the public during the implementation of the naira swap policy under the administration of former President Muhammadu Buhari. The trial is before Justice Maryann Anenih.

Umar confirmed that he signed the memorandum for the naira redesign in 2022. However, he stated that he was not included in the circulation of minutes of the Committee of Governors (CoGs) meeting on October 26, 2023.

During his testimony led by EFCC counsel Mr. Rotimi Oyedepo, SAN, Umar mentioned that the apex bank’s management directed his department to prepare a memo on the naira redesign in August 2022. Upon completion, the memo was submitted to the CoG for consideration.

He explained that the CoG, consisting of the CBN governor as chairman and four deputy governors as members, convened via zoom on October 26, 2022, to discuss the submitted memo. Umar attended the meeting solely to present his department’s memo and left afterward.

Following the meeting, the Corporate Affairs Department conveyed anticipatory approval of the CoG’s decisions, pending ratification by the Board of Directors (BoD). The BoD, comprising the CBN boss, four deputy governors, and other officials, considered the memo on December 15, 2022.

Umar revealed that the CoG did not approve some items, and the proposal for the exercise to occur in 2023 was rejected. He outlined the procedure for the issuance of naira notes, emphasizing that after approval by the president, production would commence.

The witness is expected to continue his evidence on Wednesday. Emefiele faces charges related to approving the printing of various denominations of naira notes, totaling billions of naira

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