Buhari directed local printing of redesigned naira notes, EFCC witness tells Emefiele trial
A witness for the EFCC testified in former CBN Governor Godwin Emefiele's trial that former President Muhammadu Buhari approved the design and directed local production of the 2022/2023 redesigned naira notes. The witness, Chinedu Eneanya, stated that evidence, including a statement from the Nigerian Security Printing and Minting Company (NSPMC) MD, confirmed the presidential directive.
Emefiele is charged with allegedly disobeying lawful directives and causing public injury by approving the printing of over 375 million units of the new N1,000 notes (worth over N11 billion) without the mandatory recommendation of the CBN Board, as required by Section 19 of the CBN Act. The prosecution argues that even with presidential backing, due process was violated. The witness also alleged discrepancies between the design approved by the Presidency and the final notes produced.
This testimony directly ties the controversial naira redesign policy—which caused significant cash shortages and public hardship in early 2023—to a formal presidential directive. The case questions the legality of the process and who bears ultimate responsibility for its implementation and outcomes. The trial has been adjourned until May 11, 2026.