Nigeria's former bank boss pleads not guilty in corruption case

Nigeria's once powerful central bank governor has pleaded not guilty to illegally printing new naira notes.

Godwin Emefiele appeared in court on Wednesday at the Federal High Court in Abuja to face charges brought against him by the Economic and Financial Crimes Commission (EFCC).

Mr Emefiele has been embroiled in a corruption scandal since last year.

The anti-corruption agency says the embattled bank boss committed wrongdoing when implementing the naira swap policy during former President Muhammadu Buhari's administration.

Mr Emefiele, 62, is already standing trial for a 26-count charge on abuse of office and procurement fraud to the tune of 1.6bn naira ($1 million).

He has denied all allegations.

In November 2022, the former central bank governor implemented a redesign of the country’s 200, 500 and 1,000 naira banknotes.

Amidst backlash from some political quarters, the former bank governor said the policy was aimed at mopping up excess cash in circulation, combatting the financing of terrorism and preventing currency counterfeiting, which it alleged had spiked owing to improved photographic technology.

Nigerians had a short window to exchange their old notes for new ones, which caused a months-long scarcity of banknotes.

The dearth of notes caused panic among the population. Street protests and attacks on commercial banks occurred in some parts of the country.

Both the old and new banknotes are currently in circulation.