The Economic and Financial Crimes Commission (EFCC) brought charges against former Central Bank of Nigeria (CBN) Governor Godwin Emefiele, accusing him of printing N684.5 million notes totaling N18.96 billion without proper authorization. Emefiele pleaded not guilty to all charges during his arraignment before Maryann Anenih, a judge at the Federal High Court in Abuja,Daily Trust reports.

The EFCC alleged that Emefiele violated court orders while implementing the naira swap policy under former President Muhammadu Buhari’s administration. They claimed that he authorized the printing of naira notes without proper approval from President Buhari and the CBN board, causing harm to the public.

Specifically, Emefiele was accused of approving the printing of various denominations of naira notes without following due process, leading to injuries to the public. Additionally, he was charged with improperly withdrawing N124.8 billion from the consolidated revenue fund, contrary to the directives of the national assembly.

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Emefiele’s implementation of the naira swap policy ahead of the 2023 general elections sparked controversy and hardship for the Nigerian public. The policy aimed to control money supply and curb vote-buying but resulted in protests and violence due to a scarcity of old naira notes. Although some viewed the policy as politically motivated, others supported it. The Supreme Court later annulled the CBN’s deadline for the old notes and permitted both old and new notes to remain legal tender indefinitely.


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