Global Journal of Arts, Humanities and Social Sciences (GJAHSS)

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Effect of Currency Redesign Policy on 2023 General Elections in Nigeria


This survey study discussed the reasons for the currency redesign, reasons for its resistance, and steps taken to address concerns of Nigerians.  The study also examined the effect of the policy on the 2023 general elections. There were in-depth interviews with twenty (20) Key Informants from political parties, officials of Central and some Commercial Banks, INEC, civil society groups, academics, and security agents across Nigeria. Secondary data was from CBN Act, government and newspapers publications. The study revealed that the policy was to control insecurity, regulate monetary flow; and prevent vote buying. New notes scarcity, sabotage, and lateness of former president Buharis’s national broadcast caused resistance against the new currency. Government shifted old notes deadline twice, extended the use of #200 notes, and directed security agencies to prosecute currency hawkers. The study concluded that the policy was good but untimely.

Keywords: General Elections, Vote Buying, currency redesign, electoral process, legal tender

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