Naira Redesign Policy: Impact On The Economy And The 2023 General Elections In Nigeria

Abstract

Currency re-designation is global practices directed to rejigging economy and stimulates development. It is a fiscal policy response to combat identified economic problems. Thus, with the Central Bank of Nigeria initiated Naira re-designation policies in 2023 under the above highlighted reasons, the study “The Naira re-design: Impact on the economy and the 2023 general elections in Nigeria” is undertaken. Conversely, this fiscal measure has generated criticism from members of the public, entrepreneurs, economists and politicians, given that the policy was initiated in a tensed electioneering year. The paper adopted a descriptive survey research design. Qualitative data were collected through secondary sources from relevant journals, case reports, textbooks, online sources and textbooks, while quantitative primary data was sourced from the use of questionnaires administered on 100 respondents. The study also explored Marxist monetary theory as explanatory framework to analyse Naira re-design implication on Nigeria’s economy and the 2023 general election. The study finds out that the policy aggravated citizens’ hardship, retrogressed economy and failed to curb vote-buying. The study recommends for public oriented fiscal policy, prosecution of economic saboteurs and strong legislation to protect Nigeria’s economy from further ruination and electoral malfeasance that are capable of threatening democratic sustainability.