Aligbe, B. A.

Momoh, M. M.

Abstract

Many Nigerians felt that Mr. Godwin Emefiele's 2022 currency redesign program was disruptive and unnecessary because it sought to convert the country to a cashless economy, which would have caused an artificial shortage of currency and unimaginable suffering. The purpose of this article is to examine the 2022 currency redesign program and its characteristics. This piece of paper shows how the Nigerian currency has evolved since the country gained its freedom. Redesigning the 2022 naira was unnecessary, it says, because the general elections of 2023 were only around the corner, the census of 2023 was being planned, and most crucially, the Buhari administration was coming to an end at that time. Nonetheless, there are a number of economic considerations for the redesigned naira, including but not limited to lowering inflation, fighting counterfeiting, preventing financial instability, and decreasing the amount of money in circulation. According to some sources, the policy's stated goal was to halt the tide of "black money" from the economy, which would strengthen the monetary system and make it easier for authorities to track the country's money coming in and going out. Research has also shown that reworking a country's currency can reduce the impact of money on elections by making it harder to buy votes and influencing election officials. The data used in this paper came from secondary sources. One of the main points brought up in this paper is the idea that the CBN should take charge and make sure that the Naira isn't being used for election expenses and other personal matters. This would be a good move for the CBN at any time, but particularly in the beginning of a new administration, as opposed to the last one, which was made when the Buhari administration was winding down. This advice stems from the belief held by several Nigerians that it served as a means for the departing dictatorship to pilfer funds.

   

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Published: 2024

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Articles

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