According to Mr. Godwin Emefiele, a former governor of the Central Bank of Nigeria (CBN), one of former president Muhammadu Buhari’s advisors ordered the redesign of the naira.

While visiting the Presidential Villa in Abuja in September 2022, the former presidential assistant allegedly handed Emefiele the directive, according to Emefiele.

This was included in the report that was delivered to President Bola Tinubu by Special Investigator Jim Obazee on CBN and Related Entities.

Obaze had been appointed by Tinubu to probe Emefiele’s CBN activities.

You may remember that the CBN redesigned the N1,000, N500, N200, and N100 notes while Emefiele was in charge.

Buhari had previously stated that the necessity to combat corruption and insecurity, along with the need to control the inflationary trend, partly required the decision to redesign the currency denominations, which is why the naira denomination was changed.

“The Naira Redesign was not approved by the Board of CBN and President Muhammadu Buhari in accordance with the law,” (part of Obaze’s report) states. Buhari merely accompanied them. The former CBN governor asserted in September 2022 that he was advised by an adviser to the president to investigate the possibility of reworking the Naira during a visit to the presidential villa.

Emefiele requested permission to alter and modify the N1,000, N500, N200, and N100 notes in a letter to Buhari dated October 6, 2022. The following day, Buhari gave his approval to the plan. The printing of the money in Nigeria, however, was permitted by Buhari.

The sixth of October 2022 was the date on which former President Muhammadu Buhari granted Emefiele’s request and ordered him to create new Naira notes in the four denominations he had requested, according to the prayer.

In violation of Section 19 of the CBN Act, 2007, Emefiele failed to seek advice from the CBN’s board of directors or confer with the CBN’s management.

“Emefiele did not consult the CBN Board for advice, do not contact former President Muhammadu Buhari to apprise him of the redesigns, and do not seek presidential clearance for the fact that he is now suggesting just three denominations.

Emefiele paid £205,000. De La Rue in the UK got the redesigns, which were just a color change. Changes were made solely to notes worth N1,000, N500, and N200.

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