The Economic and Financial Crimes Commission (EFCC) arraigned former Central Bank of Nigeria (CBN) Governor Godwin Emefiele on Wednesday for allegedly approving the printing of N684.5 million worth of notes, valued at N18.96 billion.

Emefiele appeared before Justice MaryAnn Anenih of the Federal Capital Territory High Court on four charges and entered a plea of not guilty to all counts. His lawyer, Mahmud Magaji, requested bail on self-recognition, similar to the terms granted by another court led by Justice Hamza Muazu. Magaji assured Emefiele's presence during the trial.

Justice Anenih granted bail at N300 million, requiring two Nigerian residents with property in Maitama district to file an affidavit of means. Emefiele must surrender his travel documents and obtain court permission for international travel. Pending fulfillment of bail conditions, he was remanded at Kuje Correctional Center.

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The trial is set to commence on May 28th and 29th. The EFCC alleged Emefiele violated the law by approving the printing of currency notes without proper procedures, and unlawfully withdrew N124.8 billion from the Consolidated Revenue Fund. This is the third case against Emefiele; previously, he faced charges of procurement fraud and abuse of office.