THE NAIRA REDESIGN POLICY IN NIGERIA: ISSUES AND CHALLENGES

Ojo Olawale ARIYO Ph.D.

doi:10.5281/zenodo.14718919

THE NAIRA REDESIGN POLICY IN NIGERIA: ISSUES AND CHALLENGES

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Ojo Olawale ARIYO Ph.D. Department of Political Science, Faculty of the Social Sciences, Federal University, Oye Ekiti https://orcid.org/0009-0000-8721-1457

DOI:

https://doi.org/10.5281/zenodo.14718919

Abstract

The study is a qualitative analysis of the policy framework on naira redesign in Nigeria with the
inherent challenges. The study gave a historical overview of the policy to figure out the demands and
compliance on the existing timing for redesigning of naira by the Central Bank of Nigeria Act 2007. The
Nigerian currencies have spanned from the colonial heritage of the Pound and Sterling which were
changed to the Naira, and this has changed the country’s political and economic narratives. The policy
slid with an unfriendly disposition from politically motivated factors towards the end of the Muhammudu
Buhari administration aimed at curtailing the expedience of vote trading and using state resources to
finance elections. The enforceable capability of the government propels necessary changes in the policy.
The study underpinned the problems and the need to build a synergy between existing naira notes and a
friendly environment. The study recommends the need to sensitise citizens on the time lag for
redesigning new notes and the use of old notes to prevent the nation from being plugged into inflation

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2025-01-22

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Ojo Olawale ARIYO Ph.D. (2025). THE NAIRA REDESIGN POLICY IN NIGERIA: ISSUES AND CHALLENGES. GVU Journal of Management and Social Sciences, 9(2), 104–113. https://doi.org/10.5281/zenodo.14718919

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Vol. 9 No. 2 (2024): GVU Journal of Management and Social Sciences

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THE NAIRA REDESIGN POLICY IN NIGERIA: ISSUES AND CHALLENGES

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