Currency Redesign Not Approved For 2023, Says Ex-CBN Director

A former Director of Currency Operations at the Central Bank of Nigeria, Ahmed Umar, has told the Federal Capital Territory High Court, Abuja, on Tuesday, that the currency redesign initiative was not approved to commence in 2023.

The redesign of the N200, N500, and N1000 notes was introduced by the CBN under the leadership of Godwin Emefiele in 2022 as part of a policy aimed at strengthening the economy and reducing cash expenditure.

However, the witness, led in evidence by the prosecuting counsel of the Economic and Financial Crimes Commission (EFCC), Rotimi Oyedepo, claimed that the Committee of Governors of the Central Bank of Nigeria, the body responsible for the operational decisions of the apex bank, did not approve the launch of the currency redesign for 2023.

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The former director, who served under Emefiele, stated that his department was instructed to draft a memo regarding the redesign of the naira notes in August 2022.

He noted that the COG’s approval extract, dated October 26, 2022, indicated that the redesign was not approved for a 2023 rollout.

Additionally, there were modifications to the original memorandum, including changes to the N200 denomination proposed by the COG.

The anti-graft agency, in the four-count charge had charged Emefiele for unlawfully approving the withdrawal of about N124.8billion from the consolidated revenue fund.

After taking the testimony of the witness, Justice Maryanne Anenih admitted it as evidence