Former Governor of the Central Bank of Nigeria, CBN, Mr
Godwin Emefiele has disclosed that the naira redesign was a directive from one
of ex-President Muhammadu Buhari’s former aide.
Emefiele said the former presidential aide gave him the
directive in September 2022 during his visit to the Presidential Villa in
Abuja.
This was contained in a report by the Special Investigator
on CBN and Related Entities, Jim Obazee which was submitted to President Bola
Tinubu.
Tinubu had commissioned Obaze to investigate the CBN
operations under Emefiele.
Recall that CBN under Emefiele had redesigned N1,000, N500,
N200 and N100 notes.
Explaining why the naira denomination was redesigned, Buhari
had said the need to fight corruption and insecurity headlong, including
controlling inflationary trend partly necessitated the decision to redesign the
currency denominations.
Obaze’s report reads partly: “The Naira Redesign was not
approved by the Board of CBN and President Muhammadu Buhari in accordance with
the law. Buhari only tagged along. Sometimes in September 2022, the erstwhile
Governor of the CBN claimed that during his visit to the Presidential Villa,
one of the presidential aides told him to go and consider redesigning the
Naira.
“On 6th of October, 2022, Emefiele wrote Buhari seeking
approval to redesign and reconfigure N1,000, N500, N200 and N100 notes. Buhari
approved the proposal same day. But Buhari approved the currency be printed in
Nigeria.
“On that 6th October 2022, former President Muhammadu Buhari
approved Emefiele’s request and directed that he should redesign and reconfigure
the four denominations of the Naira notes as prayed, but should print them
locally.
“Emefiele did not consult with the management of the CBN or
seek any recommendation from the Board of the CBN as required by Section 19 of
the CBN Act, 2007.
“Emefiele did not seek the recommendation of the Board of
the CBN nor revert to former President Muhammadu Buhari to inform him nor seek
his presidential approval for the new redesigns and the fact that he is now
recommending only three denominations
“Emefiele took the redesigns, a mere change of colour to De
La Rue in UK for a fee of £205,000. Only N1,000, N500 and N200 notes were
redesigned.”
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