The directive to redesign naira notes under former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele came from a presidential aide.
Emefiele said the presidential aide gave the directive during his visit to the Presidential Villa in September 2022, according to a report by the Special Investigator on CBN and Related Entities, Jim Obazee which was submitted to President Bola Tinubu.
Tinubu had constituted Obazee to investigate CBN’s operations under Emefiele, whose administration had controversially redesigned the N1,000, N500 and N200 notes.
However, the report stated that the directive did not emanate from Buhari.
The report partly reads, “The Naira Redesign was not approved by the Board of CBN and President Muhammadu Buhari in accordance with the law. Buhari only tagged along. Sometimes in September 2022, the erstwhile Governor of the CBN claimed that during his visit to the Presidential Villa, one of the presidential aides told him to go and consider redesigning the Naira.
“On 6th of October, 2022, Emefiele wrote Buhari seeking approval to redesign and reconfigure N1,000, N500, N200 and N100 notes. Buhari approved the proposal same day. But Buhari approved the currency be printed in Nigeria.
“On that 6th October 2022, former President Muhammadu Buhari approved Emefiele’s request and directed that he should redesign and reconfigure the four denominations of the Naira notes as prayed, but should print them locally.
“Emefiele did not consult with the management of the CBN or seek any recommendation from the Board of the CBN as required by Section 19 of the CBN Act, 2007.
“Emefiele did not seek the recommendation of the Board of the CBN nor revert to former President Muhammadu Buhari to inform him nor seek his presidential approval for the new redesigns and the fact that he is now recommending only three denominations
“Emefiele took the redesigns, a mere change of colour to De La Rue in UK for a fee of £205,000. Only N1,000, N500 and N200 notes were redesigned.”