In a court session at the Federal Capital Territory High Court in Maitama, Abuja, a former acting Governor of the Central Bank of Nigeria, Folashodun Shonubi, revealed that there were complexities and political influences surrounding the currency redesign exercise conducted in 2022. Shonubi, who previously served as the Deputy Governor of Operations and later as acting CBN Governor before retiring, made these statements while testifying as a witness in the trial of a former CBN Governor.
He mentioned discrepancies between the redesigned naira notes released under the ex-CBN Governor and what was approved by the former President. Shonubi highlighted that the currency redesign process was marred by political maneuvers, although he did not delve into specifics regarding these intrigues.
When questioned about the presidential approval for the redesign, Shonubi confirmed that a document with the President’s signature was presented by the ex-CBN Governor during a Committee of Governors meeting. However, he pointed out that the actual redesigned naira notes differed from the approved design.
Shonubi also mentioned that he was involved in discussions related to the redesign but was not privy to all interactions between the President and the ex-CBN Governor. He further disclosed being summoned by the Economic and Financial Crimes Commission concerning the redesign case but clarified that no direct confrontation with the ex-CBN Governor occurred during the investigation.
Additionally, Shonubi emphasized that the standard procedure for currency redesign at the CBN was not strictly followed during this particular exercise. He outlined the typical steps involving recommendations from the Currency Management Department, approval by the Committee of Governors, submission to the CBN Board, endorsement by the President, and subsequent execution by an internal committee.
The witness highlighted instances where recommendations for a redesign were postponed at the instruction of the CBN Governor, later resurfacing with presidential approval in 2022. After Shonubi’s testimony, the court adjourned the case for further proceedings scheduled for October 9.