For months, Nigeria’s apex bank, the Central Bank of Nigeria (CBN), and its former governor, emphasized that the challenges faced during the Naira redesign were necessary to enhance financial inclusion, control inflation, and combat corruption.
However, the outcome was contrary to the promises made.
The redesign led to financial exclusion due to a cash shortage, banks struggling to cope with digital transactions, inflation escalating to 21.82% in January 2023 and 21.9% in February, and reports of widespread vote buying during elections.
Many believed that the timing of the redesign, close to the elections, suggested political motives. Now, revelations from a former acting CBN governor confirm these suspicions.
The former CBN governor is currently facing legal charges related to public harm and illegal actions during the Naira redesign.
In court, the former acting CBN governor testified that the former governor admitted to political motivations behind the redesign and that the final product differed from what was approved by the former president.
The testimony also revealed deviations from standard protocol in the redesign process, raising the likelihood of a conviction for the former CBN governor.
The testimony, coupled with the former governor’s unsuccessful presidential bid, weakens his defense and increases the probability of a conviction.