AN investigator with the Economic and Financial Crimes Commission (EFCC), Chinelo Eneanya, has told a Federal Capital Territory (FCT) High Court that the controversial naira redesign policy introduced under former Central Bank of Nigeria (CBN) governor, Godwin Emefiele, caused significant hardship across the country.
Testifying as the seventh prosecution witness, Eneanya said his investigation team found that the policy led to severe cash shortages, leaving millions of Nigerians struggling to meet daily needs and sustain their businesses.
Led in evidence by prosecuting counsel Rotimi Oyedepo (SAN), Eneanya explained that the team reviewed several pieces of evidence—including documents, electronic data, and audiovisual recordings—to assess the policy’s impact.
He said video clips tendered in court, sourced from four national television stations, showed scenes of widespread public frustration during the cash crunch.
The court admitted multiple exhibits presented by the prosecution, including delivery notes, notices of meetings, and certified true copies of documents linked to the redesign.
It also accepted bills of settlement relating to the redesigned notes for 2022 and 2023, without objection from the defence.
Eneanya further revealed that the CBN’s Board and Committee of Governors were only informed of presidential approval for the redesign after the policy had already been initiated.
“Our investigation focused on whether the legal procedures for changing the naira policy were followed or violated,” he said.
When NAIJAONPOINT attempted to comment on the Supreme Court’s ruling on the matter, defence counsel Olalekan Ojo (SAN) objected, arguing that Eneanya could not testify about a public document he did not author.
Justice Maryanne Anenih, however, overruled the objection, clarifying that the testimony pertained to evidence interpretation rather than authorship.
Eneanya also confirmed that Emefiele was interrogated by EFCC investigators and that his written statements were submitted as part of the evidence.
The former CBN governor, he said, was questioned specifically on whether the Board of Governors had formally approved the naira redesign plan.
Justice Anenih adjourned the case to November 26 to allow the defence time to cross-examine NAIJAONPOINT .