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Senior Advocate of Nigeria (SAN) and prominent human rights lawyer, Femi Falana, has unveiled shocking revelations about the Central Bank of Nigeria (CBN) and its handling of the Naira Redesign policy.
Falana claimed that the CBN had collected a colossal N3.2 trillion from various sources but had only printed N402 billion of the new currency.
This disclosure came during an interview on Channels Television’s Sunrise Daily. The backdrop of this revelation is the Naira Redesign policy, which aimed to phase out old N200, N500, and N100 notes with new currency during the administration of former President Muhammadu Buhari. This policy had previously caused a scarcity of Naira currency, leading to considerable public concern.
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Falana did not hold back in criticizing Godwin Emefiele, the former CBN governor, for how the currency redesign was managed. To unveil the truth, he invoked the Freedom of Information Act and submitted a request to the CBN to disclose the exact amount of money printed.
Falana revealed, “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 3.2 trillion from customers and other sources, but the bank only printed 402 billion Naira.”
Furthermore, Falana underscored the vital role that the law plays in combating corruption and ensuring transparency. He emphasized the need to use legal mechanisms to enforce accountability and transparency, with a focus on protecting the rights and interests of the people.
