Falana criticizes Emefiele for naira redesign

Falana criticizes Emefiele for naira redesign
Falana criticizes Emefiele for naira redesign

Human rights lawyer and Senior Advocate of Nigeria, Femi Falana, criticized the Central Bank of Nigeria (CBN) for its handling of the naira redesign policy.

Falana disclosed that the CBN collected approximately N3.2 trillion from customers and other sources, but printed only N402 billion as part of the policy.

CBN accused of printing excess

The naira redesign policy, implemented earlier this year, aimed to phase out old N200, N500, and N100 notes, replacing them with new ones.

However, the policy caused significant challenges for Nigerians, resulting in a scarcity of the naira currency and negative impacts on businesses and households.

Falana, during an appearance on the Channels Television program, Sunrise Daily, expressed his displeasure with the former CBN Governor, Godwin Emefiele, for his role in the currency redesign.

In response to the difficulties faced by the public, Falana invoked the Freedom of Information Act and submitted a request to the Central Bank to disclose the precise amount of money printed.

He explained, ‘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 others, but the bank only printed 402 billion naira.’

Falana highlighted the importance of using the law to combat corruption and gather crucial information to protect the interests of the people.

He urged that the law should be utilized to enforce transparency and accountability.