Edward Adamu, a former deputy governor of the Central Bank of Nigeria (CBN), has testified before the Federal High Court in Abuja that Godwin Emefiele, the ex-governor of the apex bank, breached the laid-down procedures to achieve the naira redesign.

According to Channels TV, Adamu, who appeared before Justice Maryanna Anenih on Wednesday, said neither former president Muhammadu Buhari nor the CBN board approved the naira notes in circulation.

He told the court that the process of currency redesign would come from the Director of Currency Operations to the Committee of Governors (COG) before it is presented to the president for approval, but Emefiele bypassed the process.

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Adamu, Principal Witness 4 for the Economic and Financial Crimes Commission (EFCC), said that what Emefiele did was call a meeting of the COG, he showed them the president’s approval for the redesign and then proceeded to implement it.

Looking at Exhibit E2, one of the exhibits presented by the anti-graft agency, Adamu said it was slightly different from the one in circulation and the one approved by the president.

He said the entire redesign process was singlehandedly handled by Emefiele.

Meanwhile, on Thursday, EQ reported how another former CBN director said Emefiele had admitted politics played a role in the 2022 naira redesign exercise. Folashodun Shonubi, the ex-director who testified, also told the court that the policy ran foul of standard procedure.

Justice Anenih adjourned the hearing until November 17.
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