The Naira Redesign Policy, Money Politics and the Credibility of the 2023 General Elections in Nigeria: A Critical Analysis

The 2023 general elections in Nigeria occurred amid a contentious monetary reform initiative: the Central Bank of Nigeria's (CBN) naira redesign policy. Framed as a strategy to combat votebuying and illicit political financing, the policy restricted access to physical cash during the electoral period, ostensibly in support of anti-corruption and financial inclusion objectives. This review critically examines the intersections between the naira redesign policy, the evolution of money politics, and the credibility of the 2023 elections. Drawing from official documents, election observation reports, legal proceedings, and financial data, the study explores how the policy shaped campaign financing strategies, voter inducement patterns, regional participation disparities, and institutional trust. While the reform disrupted conventional vote-buying methods and reduced overt cash-based inducements in some areas, it also introduced unintended consequences—including economic hardship, public protests, regional disenfranchisement, and institutional conflicts among the CBN, judiciary, and state governments. In urban areas, political actors adapted swiftly by leveraging fintech tools and non-cash incentives, thereby perpetuating electoral manipulation through digital means. The paper argues that although the policy reflected a strategic attempt at electoral sanitation, its poor timing, inadequate infrastructural support, and legal ambiguities undermined its effectiveness and public legitimacy. Ultimately, the findings highlight the need for coordinated, transparent, and inclusive electoral reforms that address both political behavior and structural inequalities. Recommendations are made for future policy design, emphasizing institutional synergy, financial inclusion, and early reform implementation to safeguard electoral integrity in emerging democracies.