EFCC Proposed Naira Redesign, Biographer Reveals Buhari's Motive

 

A new biography of former President Muhammadu Buhari reveals that the naira redesign policy, introduced before the 2023 general election, originated from the Economic and Financial Crimes Commission (EFCC) rather than the Central Bank of Nigeria (CBN). The book, "From Soldier to Statesman: The Legacy of Muhammadu Buhari," was authored by Dr. Charles Omole and presented at the Presidential Villa, Abuja.

According to the biography, the then-EFCC Chairman, Abdulrasheed Bawa, proposed the naira redesign to restrict access to cash for vote buying. The policy aimed to curb money politics, aligning with Buhari's long-standing opposition to it. The Director-General of the Department of State Services at the time, Yusuf Magaji Bichi, stated that Buhari accepted the proposal, believing it would "clean up the field" and level the playing field.

The naira redesign policy led to acute cash shortages nationwide, disrupting economic activity and causing hardship for millions of Nigerians. Although presented as a measure to promote a cashless economy and curb illicit activities, the policy's implementation triggered widespread criticism.

The book notes that the redesign proposal emerged after Buhari approved upgrades to Nigeria's domestic currency production capacity, aiming to reduce reliance on foreign printers. By the time concerns were raised about the policy's consequences, it was too late to reverse.

The biography provides insight into Buhari's governing style, describing him as a president who delegated authority, resisted gossip, and prioritized institutional procedures. His former Chief Security Officer, Abubakar Idris, noted that Buhari trusted his team and gave them space to perform, while also reviewing and acting on daily executive summaries.

Tags: #EFCC #Buhari #DSS