The trial of the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, resumed on Tuesday before a High Court of the Federal Capital Territory, Abuja, with a prosecution witness alleging that cash hoarding by commercial banks contributed to the scarcity of redesigned naira notes.

Emefiele is facing a four-count charge instituted by the Economic and Financial Crimes Commission (EFCC).

Testifying as the seventh prosecution witness (PW-7), an operative of the EFCC, Chinedu Eneanya, told the court that investigations by the anti-graft agency uncovered widespread cash hoarding by commercial banks during the implementation of the naira redesign policy.

Under cross-examination, Eneanya said the alleged hoarding triggered severe hardship across the country.

He, however, admitted that he could not immediately confirm the specific banks involved in the infractions.

The witness maintained that the anti-corruption agency had raised a separate task force to handle issues relating to the alleged hoarding.

“My lord, like I stated before this court, the EFCC raised a task force for that. I did not say that it was my team,” Eneanya said.

During the proceedings, defence counsel, Olalekan Ojo (SAN), sought to know whether the EFCC arrested any bank officials in connection with the alleged cash hoarding.

The prosecution counsel, A. Mohammed, objected to the line of questioning, arguing that it fell outside the scope of the witness’s assigned responsibility.

“His beat was specific; whether it (naira redesign) had a valid approval,” Mohammed submitted.

But Ojo insisted the question was relevant, stressing that the foundation of the case against his client was the allegation that the redesign policy caused undue hardship to Nigerians.

In a bench ruling, Justice Maryann Anenih directed the witness to respond.

Eneanya told the court he was unaware of any action taken by the EFCC against bank officials accused of the infractions.

He further stated that he was not privy to who instructed the EFCC to embark on visits to commercial banks during the period under review.

After the session, Justice Anenih adjourned the matter until March 19 for continuation of the cross-examination.

Emefiele, who served as CBN Governor  during the controversial naira redesign exercise, continues to contest the charges filed against him by the EFCC.