FACT CHECK: How true is the claim that ex-President Buhari did not approve Naira redesign?

CLAIM: An investigator’s report on the activities of the Central Bank of Nigeria under the embattled former governor, Godwin Emefiele has claimed that Buhari did not approve the redesigning of Naira notes, instead Tunde Sabiu, Buhari’s nephew did.

VERDICT: False!

FULL TEXT

A report of an investigation of activities of the CBN under Emefiele by a Special Investigator, Jim Obaze noted, among other findings, that it was not former President Buhari who approved the naira redesign which plunged Nigeria into crisis ahead of the 2023 general elections, but his nephew and personal assistant, Sabiu Tunder Yusuf.

According to an excerpt of the report in the media, the investigator found that Buhari didn’t approve of the naira redesign. It was Tunde Sabiu who first told Emefiele in September 2022 to consider the redesign of the naira. On October 6, 2022, Emefiele wrote to Buhari that he wanted to redesign and reconfigure N1000, N500 and N200 notes.

“The former President tagged along but did not approve the redesign as required by law. Buhari merely approved that the currency be printed in Nigeria. The redesign was only mentioned to the board of the CBN on December 15, 2022, after Emefiele had awarded the contract to the Nigerian Security Printing and Minting Plc on October 31, 2022,’’ part of the report read.

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Emefiele is currently remanded in the Kuje correctional centre as he faces charges of fraud.

VERIFICATION

Contrary to the claim in this investigator’s report, searches on the internet shows that Buhari at multiple times publicly gave his approval to the redesigning of the naira, and even urged Nigerians to endure the consequential hardship while it lasted.

In October 2022, the same month the CBN announced the redesign of the new high valued Naira notes, Buhari, through a statement signed by Garba Shehu, his spokesperson, approved the policy and argued that it was “innovative” and would tackle illicit monies.

Buhari noted that the leadership of the CBN convinced him that the impact of the redesign on the country’s economy included reduction in inflation, currency counterfeiting and excess cash in circulation. He added that the three-month window which the CBN had given Nigerians to swap the notes (November to January) was not short.

The following month, during the launching of the notes in Abuja, Buhari praised Emefiele for partnering with the Nigerian Security Printing and Minting (NSPM) PLC to locally produce the notes.

According to the former President who is now retired in his hometown of Daura, ‘‘the new Naira banknotes have been fortified with security features that make them difficult to counterfeit.’’

CONCLUSION

The claim that the redesign of the Naira notes was not approved by former President Buhari is a bogus one. He publicly approved it and campaigned for it even while it threatened the survival of many Nigerians

By Oluwatobi Odeyinka

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