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Former CBN Director: Committee Of Governors Did Not Endorse Emefiele’s Naira Redesign Policy
Former CBN Director: Committee Of Governors Did Not Endorse Emefiele’s Naira Redesign Policy....KINDLY READ THE FULL STORY HERE▶
Ahmed Umar, a former Director of Operations at the Central Bank of Nigeria (CBN), testified that the naira redesign initiative undertaken by former CBN Governor Godwin Emefiele lacked approval from the Committee of Governors. Umar’s testimony came during Emefiele’s ongoing trial, where he served as the first witness for the Economic and Financial Crimes Commission (EFCC)……CONTINUE READING
Umar revealed that in 2022, his department was tasked with drafting a proposal for the new naira design. Despite preparing the proposal with input from the Committee of Governors, the committee did not endorse it during their review on October 26, 2022.
The witness emphasized that while the proposal included a request for a redesign in 2023, it did not receive approval from the Committee of Governors. The standard procedure mandates the Board of Directors to recommend the design to the President for approval before production can commence.
The testimony, supported by evidence in the form of a Certified True Copy of the memorandum from the Operations Department, sheds light on the lack of official endorsement for Emefiele’s naira redesign policy.
Emefiele faces allegations of misappropriating funds amounting to N4.4 billion for printing “colored swapped N500 notes.” Despite the charges, Emefiele maintains his innocence, pleading not guilty.
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