A dramatic turn of events unfolded in the Federal Capital Territory High Court in Maitama, Abuja, as Folashodun Shonubi, former acting Governor of the Central Bank of Nigeria (CBN), testified against ex-CBN Governor Godwin Emefiele. Shonubi alleged that the 2022 naira redesign exercise was tainted by politics and intrigue [1).
As the Deputy Governor of Operations turned acting CBN Governor, Shonubi revealed that Emefiele had confided in him about the politicized nature of the redesign. “The currency redesign of 2022 was the only one I was part of. When we had meetings with the defendant (Emefiele), he said there were politics and intrigues around the whole exercise,” Shonubi stated.
However, Shonubi stopped short of elaborating on the specifics of these politics and intrigues. When questioned about presidential approval for the redesign, Shonubi confirmed that Emefiele presented a document with President Muhammadu Buhari’s signature during a CBN Committee of Governors’ meeting.
This testimony raises questions about the integrity of the naira redesign process and its potential connection to the 2023 general elections. As the trial continues, the nation awaits further revelations on this contentious issue.
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