Naira Redesign by Emefiele Engendered Hardship for Nigerians, Narrates Witness

A prosecution witness for the Economic and Financial Crimes Commission (EFCC), Chinelo Eneanya, on Thursday told a High Court of the Federal Capital Territory (FCT), Maitama, that the naira redesign policy introduced by the Central Bank of Nigeria (CBN) under its former Governor, Godwin Emefiele, caused widespread hardship across the country.

Eneanya, who serves as an investigator with the EFCC, made the revelation while testifying as the seventh prosecution witness in Emefiele’s ongoing trial over alleged abuse of office and irregularities surrounding the controversial policy.

Led in evidence by the EFCC’s prosecuting counsel, Rotimi Oyedepo (SAN), Eneanya told the court that he was part of the investigative team that probed the alleged unlawful implementation of the currency redesign programme.

According to the witness, the team reviewed a range of materials including documents, electronic data, and audiovisual recordings as part of efforts to evaluate the policy’s impact on Nigerians.

Eneanya explained that video evidence tendered before the court captured scenes of citizens struggling to access cash during the period, which, he said, demonstrated the “severe hardship” the policy inflicted on the public.

He stated, “From the evidence we reviewed, it was clear that the naira redesign policy led to serious economic and social distress across the country.

Many Nigerians could not access cash, businesses were disrupted, and there was public outcry nationwide.”

The court admitted the video evidence and other exhibits presented by the EFCC as part of its effort to establish its case against the former CBN governor.

The trial continues, as the EFCC seeks to prove that Emefiele exceeded his lawful powers in implementing the naira redesign policy, which was introduced in late 2022 and sparked a nationwide cash scarcity crisis.