Emefiele-led CBN Budgeted N61.5 Billion On Printing New Notes, Spent N31.79 Billion, Details Emerge

The Central Bank of Nigeria (CBN) is reported to have planned to spend N61.5 billion on printing new notes for the implementation of its naira redesign policy.

VerseNews gathered that according to the report by the Special Investigator on CBN and Related Entities, Jim Obazee which was submitted to President Bola Tinubu indicates that approximately N31.79 billion has been spent on the project so far.

The redesign project was contracted to De La Rue of the UK for £205,000 under the vote head of the Currency Operations Department.

The former CBN governor initiated the redesign after the Nigerian Security Printing and Minting Plc (NSPM) stated it could not deliver the contract in a short time.

The report also highlights that there was no official approval from the former president, Muhammadu Buhari, for the naira redesign.

The report further revealed that in September 2022, a former influential aide of former President Muhammadu Buhari, Tubde Sabiu who was also the former president’s nephew, had allegedly told Emefiele to proceed with the naira redesign.

There were indications that the aide also sold a “dummy” to the former president.

Recall that CBN under Emefiele had redesigned N1,000, N500, N200 and N100 notes.

Explaining why the naira denomination was redesigned, Buhari had said the need to fight corruption and insecurity headlong, including controlling inflationary trend partly necessitated the decision to redesign the currency denominations.

A document said: “The Naira Redesign was not approved by the Board of CBN and President Muhammadu Buhari in accordance with the law. Buhari only tagged along. Sometimes in September 2022, the erstwhile Governor of the CBN claimed that during his visit to the Presidential Villa, one of the presidential aides told him to go and consider redesigning the Naira.

“On 6th of October, 2022, Emefiele wrote Buhari seeking approval to redesign and reconfigure N1,000, N500, N200 and N100 notes. Buhari approved the proposal same day. But Buhari approved the currency be printed in Nigeria.

“On that 6th October 2022, former President Muhammadu Buhari approved Emefiele’s request and directed that he should redesign and reconfigure the four denominations of the Naira notes as prayed, but should print them locally.

“Emefiele did not consult with the management of the CBN or seek any recommendation from the Board of the CBN as required by Section 19 of the CBN Act, 2007.

“Emefiele did not seek the recommendation of the Board of the CBN nor revert to former President Muhammadu Buhari to inform him nor seek his presidential approval for the new redesigns and the fact that he is now recommending only three denominations

“Emefiele took the redesigns, a mere change of colour to De La Rue in UK for a fee of £205,000. Only N1, 000, N500 and N200 were redesigned.

“As at August 9, 2023, N769 billion of the new notes were in circulation. The printing cost was N61.5 billion, out of which N31.79 billion has been paid.”