Nigerian Currency Redesign as Antidote to Insecurity: Theory and Praxis
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Date
2025-01-01
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Journal of Politics and International Relations (JPIR)
Abstract
The Nigeria Central Bank Governor stated on October 26th, 2022, that bank notes were redesigned in response to a request from the federal government; new bank notes would enter circulation on December 15, 2022, while the old bank notes would remain legal tender and circulate alongside until January 31, 2023. This has had repercussions. However, kidnapping have plagued Nigeria. Will the Naira redesign effectively reduce kidnapping in Nigeria? Will the redesign of the Naira make kidnapping in Nigeria less likely? The purpose of this paper is to systematically discuss the redesign of the Nigerian naira currency as an antidote to kidnapping. Secondary data sources were used. Murphy's Law is the theory that underpins this research. The study concluded and recommended that currency redesign is an antidote to security, only if it is done at the right time to reduce hardship and ensure that the country's financial sector and national security are not politicized for selfish reasons by the tripartite of Federal Government of Nigeria, the Central Bank of Nigeria, and Nigerian politicians.
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Keywords
Nigeria, Currency Redesign, Insecurity, Naira, Kidnapping.