Former Minister of Works and Housing, Babatunde Fashola, has suggested that the controversial naira redesign policy implemented by former Central Bank Governor Godwin Emefiele during Muhammadu Buhari’s administration may have lacked proper presidential authorization.
Speaking during an interview on Channels Television, Fashola recalled the widespread economic disruption caused by the 2023 currency redesign and questioned the approval process behind it.
“I remember at the time when the currency was being changed, I realized that there was a requirement for the president to approve it,” Fashola said, implying that Emefiele may have bypassed necessary procedures in implementing the policy.
He also criticized the National Assembly for failing to exercise its oversight function during the monetary crisis, despite its legislative authority over such matters.
“There were certain things the Central Bank did through its board that had nationwide impact. There was opportunity for oversight—for example, by the National Assembly,” he noted.
“So one of the questions I asked myself at the time was: where was the parliament in terms of reining this in? They made the law.”
Fashola emphasized that both the executive and legislative arms share responsibility in ensuring accountability and preventing policy missteps.
“There are things the executive can do. There are things the parliament can do. There are also things they can do together. That was my understanding—and that was my position.”
He further explained that the Central Bank’s autonomy limits the president’s direct influence over monetary policy. He pointed out that the CBN operated as a department under the Ministry of Finance until reforms in the late 1980s and 1990s granted it independence.
According to Fashola, these reforms aimed to align Nigeria’s financial system with global best practices by shielding monetary policy from executive interference. He clarified that President Buhari merely operated within that legal framework, as the autonomy was established long before his administration.
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