Posted by The rebranding of the naira was ordered by a former advisor of former president Muhammadu Buhari, according to Mr. Godwin Emefiele, a former governor of the Central Bank of Nigeria (CBN).
During his September 2022 visit to the Presidential Villa in Abuja, Emefiele said that the directive was given to him by the former presidential adviser.
President Bola Tinubu received this information from Special Investigator Jim Obazee’s report on CBN and Related Entities.
Obaze had been appointed by Tinubu to probe Emefiele’s CBN activities.
Keep in mind that the N1,000, N500, N200, and N100 notes were redesigned by CBN under Emefiele’s tenure.
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 plan was approved the same day by Buhari. A change in currency printing to Nigeria was, however, allowed by Buhari.
Former President Muhammadu Buhari granted Emefiele’s request on October 6, 2022, and instructed him to print new Naira notes in the four denominations he had requested, with the design and configuration he had requested.
Emefiele failed to comply with Section 19 of the CBN Act, 2007 by not consulting with CBN management or seeking recommendations from the CBN Board.
“Emefiele did not follow protocol by consulting the CBN’s board, informing former president Muhammadu Buhari of the redesigns, or obtaining his presidential approval for the changes; instead, he is recommending just three denominations.”
“Emefiele paid £205,000.” The redesigns were just a color change, and they were taken to De La Rue in the UK. The makeover only applied to N1,000, N500, and N200 notes.