On Wednesday, October 2, a witness for the Economic and Financial Crimes Commission (EFCC) named Folashodun Shonubi, who used to be the Acting Governor of the Central Bank of Nigeria (CBN), shared some important information during a hearing about the redesign of Nigeria’s currency.
He was asked questions by the defense lawyer, Mr. Olalekan Ojo (SAN).
Shonubi said that the reasons for changing the Naira were to stop people from making fake money, to reduce the amount of money that people were keeping at home, and to help improve the overall health of Nigeria’s economy.
He also talked about a large amount of money, N124 billion, that was taken from the country’s main revenue account.
He confirmed that this money was part of a bigger amount of N23 trillion that had been approved by the President, the Federal Executive Council, and the National Assembly.
Additionally, Mr. Shonubi mentioned that not only did the President approve the currency redesign, but he also did not have any problems with the new money before it was officially released.
