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The Economic and Financial Crimes Commission (EFCC) witness, Mr. Folashodun Shonubi, who is also the former Acting Governor of the Central Bank of Nigeria (CBN), testified during cross-examination about the objectives behind the Naira redesign. While being questioned by lead defense counsel Mr. Olalekan Ojo (SAN), Shonubi confirmed that the primary goals of the currency redesign were to:
- Combat currency counterfeiting.
- Curb hoarding.
- Promote the overall well-being of the Nigerian economy.
This statement was made on Wednesday during the ongoing hearing related to the currency redesign charges against former CBN Governor Godwin Emefiele.