Emefiele Withdrew N3.2 trillion But Printed Only N402 billion-Falana

Femi Falana, a prominent human rights lawyer and Senior Advocate of Nigeria, has slammed  the Central Bank of Nigeria (CBN) for its naira redesign policy.
According to Falana, the CBN collected about N3.2 trillion from various sources but printed only N402 billion during the implementation of the policy.
The naira redesign policy aimed to phase out old N200, N500, and N100 notes and replace them with new ones, but it caused a scarcity of the naira currency, which had a detrimental impact on businesses and households in Nigeria.

In response to these issues, Falana invoked the Freedom of Information Act to request information from the Central Bank. He discovered that while the CBN had collected N3.2 trillion, it had only printed N402 billion. Falana emphasized the importance of using the law to combat corruption and gather essential information to protect the interests of the people, stating that “We must take advantage of the law and use the law to enforce corruption and get information to defend our people.”

This revelation by Femi Falana raises questions about the transparency and effectiveness of the naira redesign policy and highlights the importance of legal mechanisms in holding public institutions accountable.