A witness of the Economic and Financial Crimes Commission (EFCC) has told a Federal Capital Territory (FCT) High Court sitting in Abuja that the controversial naira redesign policy introduced by the Central Bank of Nigeria (CBN) under its former governor, Godwin Emefiele, caused severe hardship and public distress across the country.
The witness, Chinelo Eneanya, an EFCC investigator, made the disclosure while testifying before Justice Maryanne Anenih on Thursday. She appeared as the seventh prosecution witness in the ongoing trial of the embattled former CBN governor.
Led in evidence by prosecuting counsel Rotimi Oyedepo (SAN), Eneanya explained that her team was part of the EFCC’s investigative panel assigned to probe the implementation of the naira redesign policy, which took effect between late 2022 and early 2023.
According to her, the investigation covered both procedural and impact assessments of the policy. The EFCC team, she said, examined several forms of evidence, including documents, electronic files, and audiovisual materials, to understand how the decision was made and how it affected Nigerians.
“We reviewed documentary, electronic, and audiovisual evidence that captured the impact of the naira redesign on members of the public,” Eneanya told the court.
“From our findings, the policy led to significant hardship as many Nigerians struggled to meet daily needs and sustain their businesses during the cash crunch.”
The prosecution tendered several exhibits, including video recordings, certified true copies of documents, meeting notices, and bills of settlement relating to the redesigned naira notes for 2022 and 2023.
Six video clips, sourced from four national television stations, were also played in court. The defence counsel, Olalekan Ojo (SAN), did not object to their admission.
Eneanya further testified that the EFCC investigation revealed irregularities in the approval process for the naira redesign. She said members of the CBN Board and the Committee of Governors were unaware of the presidential approval until after the redesign had already received a green light.
“Our investigation sought to determine whether the legal procedures for altering the national currency were followed or violated,” she stated.
When the witness attempted to comment on the Supreme Court’s judgment that nullified parts of the naira redesign policy, Ojo objected, arguing that a witness could not testify on a public document she did not author. However, Justice Anenih overruled the objection, holding that the witness was permitted to provide evidence regarding the document, not merely to “dump” it before the court.
Eneanya also confirmed that the EFCC had interrogated Emefiele as part of the investigation, and that his written statements were tendered as evidence. She added that the former apex bank chief was specifically questioned on whether the CBN’s Board of Governors had approved the redesign before its implementation.
Following the day’s proceedings, the defence counsel requested an adjournment to allow more time for cross-examination. Justice Anenih subsequently adjourned the case until November 26, 2025.
Background
In October 2022, the CBN under Emefiele announced plans to redesign the ₦200, ₦500, and ₦1,000 notes — a move the apex bank said was aimed at curbing counterfeiting, reducing excess cash in circulation, and promoting a cashless economy.
However, the sudden withdrawal of old notes and limited availability of new ones in early 2023 triggered severe cash shortages nationwide, paralyzing business activities and fueling public outrage.
The policy was later challenged in court by several states, leading to a Supreme Court ruling which extended the validity of the old notes until further notice. The EFCC is now investigating alleged procedural breaches and abuse of office in the execution of the redesign.
Case Adjourned:
Justice Maryanne Anenih fixed November 26 for the continuation of trial as the EFCC seeks to establish whether the former CBN governor acted outside his authority in approving and implementing the naira redesign.
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Naira Redesign: EFCC Witness Tells Court Emefiele’s Policy Caused Widespread Hardship
Share A witness of the Economic and Financial Crimes Commission (EFCC) has told a Federal Capital Territory (FCT) High Court sitting in Abuja that the controversial naira redesign policy introduced by the Central Bank of Nigeria (CBN) under its former governor, Godwin Emefiele, caused severe hardship and public distress across the country. The witness, Chinelo…
