A new biography of former President Muhammadu Buhari has disclosed that the controversial naira redesign policy introduced ahead of the 2023 general election originated from the Economic and Financial Crimes Commission (EFCC), not the Central Bank of Nigeria (CBN), as had been widely assumed.
The revelation is contained in From Soldier to Statesman: The Legacy of Muhammadu Buhari, a biography authored by Dr Charles Omole and presented at the Banquet Hall of the Presidential Villa, Abuja. The book states that the proposal to redesign the naira was advanced by the then Chairman of the EFCC, Abdulrasheed Bawa, with the stated objective of restricting access to cash for vote-buying.
According to the book, the Director-General of the Department of State Services (DSS) at the time, Yusuf Magaji Bichi, said the EFCC boss proposed the policy “with the explicit goal of starving voter-buyers.” Bichi is quoted as saying Buhari accepted the idea because of his long-standing opposition to money-driven politics.
“Buhari’s instinct aligned,” Bichi recounts in the book. “He had fought money politics for decades and was attracted to an idea that might, even painfully, clean up the field. Buhari was sure Asiwaju would win, so he was not concerned about cleaning up the process and levelling the field.”
The naira redesign policy, launched in October 2022, led to acute cash shortages nationwide, disrupting economic activity and leaving millions of Nigerians struggling to access cash in the months preceding the elections. While the policy was officially presented as a measure to promote a cashless economy, strengthen monetary policy and curb illicit activities such as ransom payments and cash hoarding, its implementation triggered widespread hardship.
The book notes that the redesign proposal emerged against the backdrop of an earlier decision by Buhari to approve and fund upgrades to Nigeria’s domestic currency production capacity, aimed at reducing reliance on foreign printers. It was within this process, the author writes, that the redesign was introduced, now linked to broader ambitions to sanitise cash flows and weaken money politics.
By the time concerns were raised within sections of the security establishment about the political and operational consequences of the policy, the book says the process had advanced too far to reverse. Currency samples had been produced and timelines fixed, making withdrawal difficult.
As political accusations mounted that the policy was intended to undermine the ruling party, the biography states that Buhari directed that investigative reports related to the redesign be sent directly to him. According to Bichi, the President was wary of distortion or sabotage but remained committed to non-interference in law enforcement and to allowing institutions to act without shielding allies or targeting opponents.
Beyond the naira policy, the book offers insight into Buhari’s governing style through accounts by his former Chief Security Officer, Abubakar Idris. Idris described a president who delegated authority, resisted gossip and placed a premium on institutional procedures.
“Trust was the red line,” Idris is quoted as saying. “Once the President trusted you, he gave you space to perform, but that space came with responsibility.”
Idris also dismissed claims that Buhari was isolated by a cabal, insisting that the former president received daily executive summaries on security, power supply, fuel availability and political developments, which he reviewed and acted upon.
“He knew,” Idris added, challenging what the book describes as one of the enduring narratives of the Buhari years.
