The trial of the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, continued on Wednesday, with ex-CBN Deputy Governor Edward Adamu testifying as the fourth witness. Emefiele faces charges related to the controversial naira redesign policy implemented under his leadership in late 2022.
Adamu, while testifying before Justice Maryanne Anenih at the Federal Capital Territory High Court, stated that Emefiele breached standard procedures by bypassing both the CBN Board and the President in executing the redesign. According to Adamu, the naira redesign exercise typically requires approval from the CBN Board before reaching the President, but this process was allegedly circumvented.
The prosecution witness also claimed that the design of the newly circulated naira notes deviated from what was originally approved by former President Muhammadu Buhari and the CBN Board. During cross-examination, the defense argued that Adamu’s testimony contradicted his earlier statement to the Economic and Financial Crimes Commission (EFCC).
The trial was adjourned to November 18, 2024, for further proceedings.
