Daniel Otera
A Federal High Court in Abuja has heard damning testimony from the Economic and Financial Crimes Commission (EFCC), alleging that the controversial naira redesign policy introduced under former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, plunged millions of Nigerians into economic hardship.
“We investigated allegations that the defendant’s actions caused injury to the people,” said Chinelo Eneanya, an EFCC investigator and the seventh prosecution witness in the ongoing trial. “The naira redesign had a direct impact on how citizens lived and transacted during that period.” Eneanya made the statement on Thursday, October 30, while being led in evidence by prosecuting counsel Rotimi Oyedepo (SAN).
The EFCC’s case against Emefiele focuses on allegations of procurement fraud and abuse of office during his tenure as CBN governor. The naira redesign, which introduced new ₦1,000, ₦500, and ₦200 notes in late 2022, quickly became one of the most disruptive monetary policies in Nigeria’s recent history triggering cash scarcity, long queues, and public frustration nationwide.
Eneanya told the court that the EFCC reviewed documentary, electronic, and audiovisual evidence to assess the impact of the policy. The prosecution played six video recordings from major Nigerian broadcasters including News Central, Channels TV, TVC, and Arise News showing citizens lamenting their inability to meet daily needs or run their businesses due to the cash crunch.
The EFCC also tendered a bundle of documents titled “Delivery Notes and Notice of Meeting,” alongside audiovisual devices and certificates of identification. The defense counsel, Olalekan Ojo (SAN), raised no objection to the submissions.
Presiding judge Justice Maryann Anenih adjourned the matter to November 26, 2025, for continuation of trial, as the court continues to unravel the broader consequences of the CBN’s controversial policy.
The revelations come amid growing scrutiny of Emefiele’s tenure, which has already attracted multiple criminal charges, including allegations of $4.5 billion fraud and questionable real estate acquisitions. The federal government recently cautioned Nigerians that 753 duplexes reportedly recovered from Emefiele are not for sale, following public speculation.
As the trial continues, Nigerians are left to ponder whether the naira redesign was an economic misstep or a deliberate misuse of power.