AN APPRAISAL OF NAIRA REDESIGN MONETARY POLICY: IMPLICATIONS ON THE 2023 GENERAL ELECTION IN NIGERIA

In October 2022, the former governor of the Central Bank of Nigeria (CBN) issued directives regarding introducing new naira notes to replace the current denominations of 200, 500, and 1,000 naira notes. This policy, implemented in January 2023, had implications for the 2023 general elections. This paper investigated the introduction of new naira notes and their implications for the 2023 general elections. The paper employed a qualitative approach, utilizing secondary data from a comprehensive review of academic journals, case reports, and other online sources. The rational choice theory was used to guide the study. The findings revealed that introducing the new naira notes generated many reactions among political elites and citizens. While some argued that the policy would help curb vote buying, others argued that it would only make buying votes more difficult and expensive. The findings also revealed that despite the significant reduction in the rate of vote buying in the 2023 general elections, vote buying persists. This suggests that more than the naira redesign policy is needed to curb vote buying in the country. The paper concludes that voter education is crucial to curbing the incessant buying and selling of votes that have characterized most general elections in Nigeria. The electoral body and the government should embark on an aggressive voter education campaign to discourage vote-selling and buying.