Emefiele’s Naira Redesign Caused Hardship for Nigerians, Witness Tells Court!

Emefiele’s Naira Redesign Caused Hardship for Nigerians, Witness Tells Court!

Reported by Marian Opeyemi Fasesan | Sele Media Africa

A prosecution witness for the Economic and Financial Crimes Commission (EFCC), Chinelo Eneanya, has told the FCT High Court in Maitama that the naira redesign policy under former CBN Governor Godwin Emefiele inflicted severe hardship on Nigerians.

What We Know:

• Eneanya is the seventh witness in the EFCC’s ongoing trial of Emefiele.
• She testified on Thursday that the policy, implemented in late 2022, led to widespread cash shortages and economic disruption.
• The EFCC alleges that Emefiele acted beyond his legal powers in executing the redesign without proper approvals.

Quote:

“The policy caused massive distress. People couldn’t access their money. Businesses were paralysed.”

Why It Matters:

• Adds weight to public criticism of the controversial currency swap initiative.
• Forms part of the EFCC’s broader case alleging abuse of office and financial misconduct.
• May influence judicial interpretation of CBN powers and monetary policy oversight.

What to Watch:

• Further witness testimonies in the ongoing trial.
• Legal arguments on the constitutionality of the CBN’s actions.
• Public and institutional responses as the trial progresses.

Sources:

1. EFCC Court Filings – Oct. 2025
2. FCT High Court Proceedings, Maitama
3. Sele Media Judiciary Correspondent – Abuja Division

About The Author

Marian Opeyemi Fasesan

editor

Marian Opeyemi Fasesan is a dynamic journalist and editorial leader committed to excellence in news reporting and storytelling. As the Editor-in-Chief of Sele Media Africa, she ensures daily operations run smoothly while upholding the highest editorial standards. With a strong eye for detail and deep understanding of audience engagement, Marian coordinates content across platforms, guiding teams to produce compelling, timely, and credible news. Her leadership reflects the heart of Sele Media Africa’s mission—to inform, inspire, and elevate voices across the continent.

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