An Economic and Financial Crimes Commission (EFCC) investigator, Mrs. Chinelo Eneanya, on Thursday told an Abuja High Court that the naira redesign policy introduced by former Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, inflicted severe economic hardship on Nigerians.

Eneanya, the seventh prosecution witness (PW7), testified in Emefiele’s trial over the redesign of the ₦1,000, ₦500, and ₦200 notes.

Led in evidence by Mr. Rotimi Oyedepo, SAN, the witness said the Commission’s investigation showed that the policy “injured the public.”

She stated: “We investigated the allegations that the conduct of the defendant caused injury to the people. The naira redesign severely affected the public. We reviewed documentary, electronic, and audiovisual evidence to assess its impact.”

The prosecution tendered documents, audiovisual devices, and certificates of identification as evidence. Certified copies of delivery notes, meeting notices, and the bill of settlement for the redesigned notes (2022–2023) were also admitted.

Six video clips from News Central, Channels Television, TVC News, and Arise News were played in court, showing widespread public frustration and disruption of businesses during the policy’s implementation.

Eneanya testified that CBN board members and the Committee of Governors only became aware of the redesign’s presidential approval after it had been granted.

She said: “We set out to determine how the laws governing policy changes on naira redesign were applied or abused.”

When the prosecution attempted to reference the Supreme Court’s judgment on the policy, Emefiele’s counsel, Mr. Olulekan Ojo, SAN, objected, arguing that no witness could give evidence on a public document they did not author.

Responding, Oyedepo said the objection was premature, noting that Eneanya’s testimony was based on the EFCC’s findings.

Justice Maryann Anenih overruled the objection, ruling that the witness could only give evidence linking the documents to the investigation.

Eneanya also confirmed that Emefiele had been interviewed by the EFCC and had admitted in his written statement that the CBN Board of Governors did not approve the redesign.

Following this, Ojo sought an adjournment for cross-examination, which the prosecution did not oppose.
Justice Anenih adjourned the matter until November 26 for continuation of trial.