Currency Redesign and the 2023 General Election in Nigeria

Sunday O. Abang, Olukayode E. Maku, Peace A. Jiboku & Oluwaseyi A. Adelowokan

Download article picture_as_pdf

Abstract

This research examined the connection between the recent currency redesign policy and the conduct of the 2023 general elections in Nigeria. Elections in democratic systems depend, to a large extent, on cash flow for campaigns and logistics and though the Naira had been redesigned several times in the past, the 2022 initiative was unique because the timing of its introduction coincided with the 2023 elections. The purpose of this study was to investigate the widespread notion that the currency redesign policy was a political strategy to limit access to funds by politicians. Based on secondary data sources and results from interviews, the study found that the scarcity of cash led to an increase in bartering and cashless transactions among the citizens. At the same time, it disrupted the financing strategies of political actors involved in the elections. The study recommended, among other things, that monetary policies and reforms should be implemented gradually and deliberately timed to avoid any negative impacts on the electoral process.

Authors

Read more