Falana accuses CBN of collecting ₦3.2tn, printing only ₦402bn new naira notes

Femi Falana, a respected Senior Advocate of Nigeria, has unveiled startling revelations about the Central Bank of Nigeria (CBN).

Falana raised concerns about the leadership of anti-graft federal agencies in Nigeria.

During an interview on Channels Television’s Sunrise Daily, Falana disclosed that the CBN had amassed approximately ₦3.2 trillion from various sources.

However, when attempting to replace the old ₦200, ₦500, and ₦100 notes with new ones, the bank only printed ₦402 billion.

Falana, criticising former CBN governor Godwin Emefiele‘s currency redesign earlier this year, lambasted the scarcity of the Naira currency that followed.

He took legal action, utilising the Freedom of Information Act, to demand transparency. Expressing his dismay, Falana emphasised the need to use the law against corruption and obtain vital information to safeguard the people’s interests.

Additionally, Falana raised concerns about the leadership of anti-graft federal agencies in Nigeria.

He highlighted the violation of the federal character principle, stating that chairmen of the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) should not hail from the same geopolitical zone