Casualties Of Buhari’s Painful Naira Redesign


Nigerians who were alive during the introduction of the naira redesign policy by the Muhammadu Buhari military junta of 1984 are not exactly surprised at the re-introduction of the same policy by the same man as a civilian President.

A human rights lawyer, Femi Falana, SAN, recalled that the redesign policy of 1984 led to the loss of lives. “In 1984, the Buhari military junta changed the colour of the naira. In a country of 81 million people, bank customers and other citizens were given only two weeks to deposit old notes and replace them with new ones. The poor implementation of the policy caused loss of lives in many parts of the country,” he said.

As it was in the beginning, it remains. On November 23, 2022, Buhari alongside the Governor of the Central Bank of Nigeria, Godwin Emefiele, unveiled new naira notes in denominations of N200, N500 and N1,000. Fielding questions from journalists after the event, Emefiele, insisted that the move was not targeted at anyone.

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