IMPLEMENTATION STRATEGY OF THE NAIRA REDESIGN POLICY: THE ISLAMIC LAW PERSPECTIVE

In the year 2023, the Nigerian Currency was redesigned.The redesign was envisioned to ensuring various socioeconomic advantages. The arguments in favour of theNaira redesign were that the policy was overdue withregards to best practices; it has the ability to combatcurrency counterfeiting, crimes as well as retract currenciesoutside the banking system among other benefits.However, the implementation of the policy plunged thecountry into serious socio-economic, financial and politicalquagmire. The negative impacts seem overweighingcompared to the envisaged benefits. The aforesaid situationthus informed the adoption of doctrinal methodology toinvestigate the Islamic law perspective on theimplementation strategy of the Naira redesign policy. Thepaper found that the implementation was in counterdistinction with the Islamic law principles and concludedthat the implementation of the policy should have beensuspended to avert the avoidable hardships witnessed in thecountry by reason of the policy.

File: 8 Unimaidjicol_Vol9_No1__June2024_112-127

Abstract
Reviews

In the year 2023, the Nigerian Currency was redesigned.
The redesign was envisioned to ensuring various socioeconomic advantages. The arguments in favour of the
Naira redesign were that the policy was overdue with
regards to best practices; it has the ability to combat
currency counterfeiting, crimes as well as retract currencies
outside the banking system among other benefits.
However, the implementation of the policy plunged the
country into serious socio-economic, financial and political
quagmire. The negative impacts seem overweighing
compared to the envisaged benefits. The aforesaid situation
thus informed the adoption of doctrinal methodology to
investigate the Islamic law perspective on the
implementation strategy of the Naira redesign policy. The
paper found that the implementation was in counter
distinction with the Islamic law principles and concluded
that the implementation of the policy should have been
suspended to avert the avoidable hardships witnessed in the
country by reason of the policy.

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