A biography of former President Muhammadu Buhari has revealed that the controversial naira redesign policy implemented ahead of the 2023 general elections was conceived by the former chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, and not by the Central Bank of Nigeria (CBN).
The book, From Soldier to Statesman: The Legacy of Muhammadu Buhari, was unveiled on Monday at the State House Conference Centre, Abuja.
According to the biography authored by Dr Charles Omole, the proposal was aimed at starving vote buyers of cash and curbing money politics ahead of the polls. Although officially presented as a monetary reform to promote a cashless economy and tackle illicit activities, the policy triggered a severe cash shortage that plunged millions of Nigerians into hardship in the months leading to the elections.
The book quoted the former Director-General of the Department of State Services, Yusuf Magaji Bichi, as saying the idea aligned with Buhari’s long-standing aversion to money-driven politics. It added that despite growing concerns over its political and operational costs, the process had gathered irreversible momentum, with currency samples already printed and timelines fixed.