A witness for the Economic and Financial Crimes Commission (EFCC), Folashodun Shonubi, former Acting Governor of the Central Bank of Nigeria (CBN), testified that the Naira redesign policy aimed to combat currency counterfeiting, curb hoarding, and promote Nigeria’s economic well-being.
During the hearing of currency redesign-related charges against former CBN Governor Godwin Emefiele, Shonubi stated that the policy’s objectives were to enhance the overall health of the Nigerian economy.
Regarding the N124 billion debited from the Consolidated Revenue Account, Shonubi confirmed that the amount was part of the N23 trillion in “Ways and Means” funding, which had been approved by the President, the Federal Executive Council, and subsequently appropriated by the National Assembly.
Additionally, Shonubi affirmed that the President had given final approval for the currency redesign and did not express any dissatisfaction with the printed currency before its official launch.
The testimony provides insight into the intentions behind the Naira redesign policy and its potential benefits for the Nigerian economy.
