A prosecution witness on Thursday told a Federal High Court in Abuja that the controversial naira redesign policy introduced under former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, caused severe hardship for millions of Nigerians.
The witness, testifying in the ongoing trial of the former CBN chief, said the policy which withdrew old high-denomination notes from circulation in late 2022 triggered cash shortages, crippled businesses, and left citizens stranded during crucial economic and social activities.
According to the witness, the implementation of the policy was “hurried, poorly coordinated, and executed without adequate measures to cushion its impact,” leading to long queues at banks, cash scarcity, increased electronic transfer failures, and panic across the country.
“People couldn’t access their own money, small traders lost income, and many Nigerians suffered physically and emotionally during that period,” the witness stated.
The testimony forms part of the federal government’s argument that the naira redesign was not only mishandled, but also implemented in violation of established financial regulations and presidential directives.
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Emefiele, who has pleaded not guilty to the charges before him, maintains that the policy was aimed at curbing inflation, reducing counterfeiting, and tackling vote-buying ahead of the 2023 general elections goals aligned with global central banking standards.
However, critics have long argued that the policy inflicted widespread hardship, especially on rural communities and informal market operators who rely heavily on cash transactions.
The court adjourned to a later date for continuation of trial, as Nigerians continue to follow the proceedings closely, given the impact the policy had on the economy and everyday life.