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The Central Bank of Nigeria?s Cashless Policy and the Implementation of New Naira Redesign Swap in a Troubled Polity
Subject area: Arts, Social Sciences and Humanities · Area of research: Political Science
Abstract
There is a greater link between politics and policy emanating from the political system and responses from the people. Historically, the naira redesign was first carried out in Nigeria in 1984. At that point, the exercise may have heralded some sort of difficulties but seems not to be completely attached to the caprices of one arm of government. The overbearing influences of the executive arm of government in the 2022 naira redesign policy had threatening to drift away the fiscal responsibilities from the CBN. This paper argues that CBN is not an anti-graft agency therefore meddling in her fiscal policies for the purposes of curbing corruption and curtailing vote buying during election is inimical to CBN?s constitutional mandate. Utilizing post colonial state theory, the study relied on content analysis. The paper concluded that the continued personalization of state institutions has vehemently stall development of these institutions and the Nigerian State in general. It recommends speedy institutionalization of state agencies with the view to enhancing their capacity to perform their constitutional role.
Keywords
Cashless, Policy, Naira Redesign and Troubled Polity
How to cite this paper
@article{1709647,
author = {Jude Odigbo Ph.D, Chidi Samuel Chidebe},
title = {The Central Bank of Nigeria?s Cashless Policy and the Implementation of New Naira Redesign Swap in a Troubled Polity},
journal = {Iconic Research And Engineering Journals},
year = {2025},
volume = {9},
number = {1},
pages = {633-640},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1709647.pdf},
abstract = {There is a greater link between politics and policy emanating from the political system and responses from the people. Historically, the naira redesign was first carried out in Nigeria in 1984. At that point, the exercise may have heralded some sort of difficulties but seems not to be completely attached to the caprices of one arm of government. The overbearing influences of the executive arm of government in the 2022 naira redesign policy had threatening to drift away the fiscal responsibilities from the CBN. This paper argues that CBN is not an anti-graft agency therefore meddling in her fiscal policies for the purposes of curbing corruption and curtailing vote buying during election is inimical to CBN?s constitutional mandate. Utilizing post colonial state theory, the study relied on content analysis. The paper concluded that the continued personalization of state institutions has vehemently stall development of these institutions and the Nigerian State in general. It recommends speedy institutionalization of state agencies with the view to enhancing their capacity to perform their constitutional role.},
keywords = {Cashless, Policy, Naira Redesign and Troubled Polity},
month = {July},
}