President Muhammadu Buhari
The memories of Major-General Muhammadu Buhari’s leadership remain etched in the minds of only a few, despite his tenure as Nigeria’s Military Head of State from 1983 to 1985 being witnessed by many. His regime was marked by authoritarian policies that were so pervasive they gave rise to the term ‘Buharism.’
One of these policies was the idea of the New Naira, which is not entirely new to his present administration. In fact, he allowed only a brief two-week period for citizens to exchange their old notes after the policy’s commencement date of April 1, 1984. This period of transformation soon became one of pain for Nigerians, as hardworking men and women who were unable to change their old notes before the deadline were left with worthless money that they could no longer use. The reason for the sudden currency change was the currency trafficking prevalent at the time and stolen funds by politicians that, according to him, needed to be repatriated.
The present government’s implementation of the new Naira policy in 2023 is not its only draconian policy. Looking back to the period of February 1984 to 1986, during Major-General Muhammadu Buhari’s regime, he took the severe step of shutting down Nigeria’s border with Benin in an attempt to curb smuggling activities. However, this move proved to be ineffective as it failed to significantly reduce illegal trade between the two nations. In fact, smuggling activities saw a sharp increase following the border closure. This served as a testament to the fact that sometimes, harsh measures do not always lead to the desired outcome.
In an attempt to assist and protect farmers, the president decided to close the nation’s borders in April 2022. However, this hastily implemented policy proved to be disastrous as it resulted in a situation where too much money was chasing too few goods, leading to a widespread scarcity of food. The limited supply of available food was priced beyond the reach of the common man, causing a significant hardship for many. This ill-conceived policy had the opposite of the intended effect, and the consequences of its implementation were felt by many.
CBN Governor, Godwin Emefiele and President Muhammadu Buhari, with the new naira notes
There was also the crypto ban. Nigeria was found to be the second-largest crypto market in Africa and a leading player in the world of Bitcoin, with a score of 25.31, helping it rank as the fifth country most interested in Bitcoin. The youth were making a lot of money from the comfort of their beds. All they needed was a phone, adequate knowledge, and a strong will. The crypto community in Nigeria was one to reckon with. On Feb 8, 2021, The CBN gave directives to banks to desist from transacting in and with entities dealing in cryptocurrency. The CBN also directed banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems, proving yet again that this government makes policies that their propagandists argue are practical and for the betterment of the nation but ends up causing misery and pain for citizens.
The implementation of the 2023 New Naira policy has led to immense suffering among the populace. The scenes of elderly individuals crying out in banks just to access funds for basic sustenance or mothers attempting to climb over gates to withdraw money from ATMs are heart-wrenching. Although some may view this as an opening to embrace cashless transactions, the reality is that the banking system lacks the resources to facilitate online transactions. The situation in Nigeria has descended into chaos, yet the president remains obstinate in his refusal to alter the policy that he introduced without adequate mechanisms for its execution.
Even with the Supreme Court’s temporary order for the Central Bank of Nigeria (CBN) and the Federal Government (FG) to halt the deadline for the old N200, N500, and N1000 notes, Nigerians are still resorting to extreme measures such as burning banks and injuring bank employees to obtain the scarce new Naira notes. This is due to the fact that the President and CBN Governor have chosen to disregard the court’s ruling, raising concerns about the existence of the rule of law in our nation.
It appears that citizens’ desperation for the new currency has overwhelmed their respect for legal processes, and the disregard for the court’s order is a clear indication that the principles of justice and fairness may not be upheld in Nigeria.
Haneefa Badru writes for Eko Hot Blog. This media platform reserves all rights to this article.
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