Naira redesign: Femi Falana reveals CBN collected N3.2trn but printed only N402bn
By Sodiq Adelakun
In a recent revelation, prominent human rights lawyer and Senior Advocate of Nigeria, Femi Falana, has shed light on the Central Bank of Nigeria’s (CBN) currency redesign policy.
The implementation of this policy, aimed at phasing out old banknotes and introducing new ones, caused significant hardships for Nigerians.
Falana’s statements highlight the mismanagement and economic turmoil that ensued during the period.
The CBN’s currency redesign policy, spearheaded by former Governor Godwin Emefiele, aimed to replace the old N200, N500, and N100 notes with new ones.
However, the implementation of this policy was marred by numerous challenges, leading to a scarcity of the naira currency and severe consequences for businesses and households.
According to Falana, the CBN collected a staggering N3.2 trillion from customers and other sources during the currency redesign policy. However, it printed only N402 billion, raising concerns about the mismanagement of funds.
This revelation raises questions about the transparency and accountability of the apex bank’s operations.The scarcity of the naira currency had devastating effects on businesses and households.
Many Nigerians faced difficulties in accessing cash, leading to disruptions in daily transactions and economic activities. Small businesses, in particular, suffered as they heavily rely on cash transactions. The scarcity also impacted the purchasing power of individuals, further exacerbating the economic challenges faced by the country.
Falana berated Godwin Emefiele, the former CBN Governor, for his handling of the currency redesign policy. Emefiele’s decision to implement the policy without adequate preparation and planning resulted in the chaos and economic turmoil experienced by Nigerians.
In response to these distressing events that followed the naira redesign policy, Falana said he took legal action by invoking the Freedom of Information Act, submitting a request to the Central Bank to disclose the exact amount of money that had been printed.
He said, “I had to write to the central bank under the Freedom of Information Act to know how much was printed.
“To my utter dismay the central bank collected about N3.2 trillion from customers and others the bank only printed N402 billion.’’
The human rights lawyer emphasised the urgency of utilising the law to combat corruption and gather essential information to protect the interests of the people.
He added, “We must take advantage of the law and use the law to enforce corruption and get information to defend our people.’’
