EFCC WITNESS ADMITS THAT CURRENCY REDESIGN WAS GOOD FOR THE ECONOMY.
At the resumed hearing of the currency redesign related charge against the former Governor of the CBN , Godwin Emefiele, the former Acting Governor, Mr Folashodun Sonubi admitted upon cross examination by the lead defence Council Mr Olalekan Ojo SAN) , that the purpose of the Naira redesign was to prevent Currency counterfeiting, currency Hoarding and for the general benefit of the Nigerian economy. In respect of the debit of N124 billion into the Consolidated Revenue account, the witness admitted that the figure of the N124 billion formed part of the N23 trillion Ways and Means which was approved by the President, the Federal Executive Council and appropriated by the National Assembly. The witness also admitted that , not only was there was a Presidential approval for the redesign of currency , he admitted that the President , who had the final say on redesign did not complain about the printed currency before it was launched by the President.
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