The Special Investigator on the management of the Central Bank of Nigeria (CBN), under Godwin Emefiele, has revealed that the CBN spent N61,543,863,520.00 on the illegal printing of naira notes, among other infractions. The report stated that the redesigned Naira is illegal and should be withdrawn from circulation with immediate effect.
The amount of the illegal Naira in circulation as of 9th August 2023 is N769.562 Billion, which costs the government N61,543,863,520.00, of which N31,799,328,880.80 has been paid.
The report also revealed that Emefiele illegally lodged billions of naira in no fewer than 593 bank accounts in the United States, China, including the United Kingdom without the approval of the apex bank’s board of directors and the CBN Investment Committee.
Emefiele, who has been released from the Kuje Custodial Centre, is being prosecuted on six counts bordering on fraud. The report also revealed that the redesigned Naira was a conspiracy against the Nigerian people and the political class by the then CBN Governor (Mr. Godwin Emefiele) and one of the erstwhile Deputy CBN Governor (Mr. Folashodun Shonubi).