In a surprising turn of events, the former Acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, shed light on the controversial 2022 naira redesign during the ongoing trial of former CBN Governor, Godwin Emefiele. Shonubi’s revelations have painted a picture of the political undertones and intrigues that were behind the exercise, adding a new layer to an already complex case.
Shonubi, who previously served as the Deputy Governor of Operations at the CBN, took the stand in the Federal Capital Territory High Court in Abuja to testify in the case involving Emefiele. Emefiele is currently facing a four-count charge brought against him by the Economic and Financial Crimes Commission (EFCC), including allegations of disobedience to law and causing public harm in relation to the naira redesign.
Shonubi revealed during his testimony that the naira redesign, which caused a nationwide stir in 2022, was more than just a policy decision it was influenced by political factors. According to him, Emefiele had disclosed in internal meetings that there were significant "intrigues and politics" surrounding the currency redesign, though he stopped short of fully explaining what these intrigues entailed.
While initially unaware of the political maneuvering, Shonubi testified that Emefiele made the underlying politics clear during one of their discussions. This acknowledgment raises more questions about the extent to which external forces may have influenced the policy.
The naira redesign was presented as a strategic move to curb inflation, control cash in circulation, and combat corruption. However, with Shonubi's testimony, it's evident that the exercise may not have been as straightforward as it seemed. Emefiele's comment on the involvement of politics has sparked speculation about whether the redesign was used as a tool for political gains ahead of the 2023 general elections.
Beyond the political intricacies, Shonubi's testimony also highlighted procedural lapses in the execution of the naira redesign. According to him, the CBN under Emefiele did not follow its established processes for redesigning currency notes. Normally, the Currency Management Department of the CBN would first make recommendations, which would then be discussed by the Committee of Governors (COG) and ultimately submitted to the CBN Board for approval before seeking presidential consent.
In this case, however, Emefiele bypassed these steps. Shonubi stated that in early 2021, a recommendation for currency redesign had been disregarded at the instruction of the CBN governor. It wasn’t until mid October 2022 that the Deputy Governors were informed of presidential approval for the redesign. Even then, Shonubi noted that the naira notes produced were not identical to what was initially approved by the President, Muhammadu Buhari.
Shonubi's testimony presents a troubling picture of how a major policy like the naira redesign was implemented. By bypassing the usual protocols, the CBN under Emefiele may have contributed to the chaos that ensued, including the cash crunch experienced by Nigerians in early 2023. This development adds weight to the EFCC's case against Emefiele, suggesting that his actions may have caused harm to the public.
Additionally, the acknowledgment of political influences raises concerns about the motivations behind the redesign. Was it purely a financial policy move, or was it a strategy shaped by political ambitions.
As the trial continues, more details may emerge, shedding further light on the real motives behind the naira redesign and whether Emefiele acted independently or under pressure from political forces. The case has been adjourned until October 9, when more testimonies are expected.
For now, Shonubi’s testimony has added a new dimension to the conversation about the 2022 naira redesign, highlighting the blend of politics, policy, and intrigue that surrounded one of Nigeria's most controversial economic decisions.