A recent audit by the Office of the Auditor-General of the Federation has revealed a shocking scandal involving the Central Bank of Nigeria (CBN) under former Governor Godwin Emefiele. The CBN reissued N29.77 billion worth of “Counted Audited Dirty” banknotes in 2022, violating its own Clean Note Policy. This move has raised concerns about the apex bank’s internal controls and currency management practices.
The irregular issuances occurred across CBN branches in Abuja, Lagos, Bauchi, and Jos between April and December 2022. Abuja alone released N28.615 billion of the condemned notes within just three months, while Lagos issued N970 million in December 2022. Bauchi and Jos also released smaller amounts, citing cash scarcity, seasonal demand, and military cash requests as reasons ¹ ² ³.
However, auditors rejected these explanations, stating they were “not satisfactory” and recommended that the Public Accounts Committees of the National Assembly summon the CBN governor and management to justify the violations.
The audit also uncovered delays in destroying already-condemned notes, with N3.57 billion worth of notes accumulated due to delays in briquetting and disposal. This backlog creates risks of pilferage, loss of public funds, and inefficiencies in the bank’s currency-management operations.
The CBN’s actions have sparked concerns about reputational damage, reduced note durability, and undermined public confidence in the currency management system. Emefiele is already facing multiple corruption and procurement charges, and this latest scandal adds to the controversy surrounding his tenure
