The Naira redesign policy of the Federal Government and the Central Bank of Nigeria no doubt started out on a promising note, and not a few well-meaning Nigerians had ab initio been sentimentally attuned to the manifest objective of the policy which is to curb vote buying and electoral malpractices in the country.
However, issues that have emerged since the implementation of the policy have presented multidimensional cases for a critical reflection and interrogation of the logic of the policy and its general implications on the economy and distribution of wealth of the nation.
To start with, it is no brainer that a sustainable monetary policy must above all things be predicated on economic laws, specifically the relationship between demand and supply. However, where a monetary policy is politically driven or is anchored on issues outside the shores of economic relations, economic resistance is likely to erupt, leading to upheavals or what sociologists refer to as anomie or moral crisis within the economy. This is because the economy is the fulcrum of human survival, social order and nation’s wealth.
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The forgoing was based on the thought of Karl Marx in his historical materialism where he propositioned that the economic infrastructure determines the superstructures of society. Superstructure as used by Karl Marx refers to all social institutions other than the economy. According to the German social philosopher and father of conflict (dialectic) sociology, the superstructure provides support systems through policies, values, morals and laws etc towards driving the economic relations and distribution of wealth within society.
In recent developments in Nigeria, we have seen how the implementation of the Naira redesign policy has adversely impacted economic activities and social order in the country due to misplaced priority or, better say, misdirection of purpose of the policy.
Orienting monetary policy towards gaining political points by all means has its economic cost which in the case of Nigeria has been a serious disturbance to the velocity of Naira. Moreover, for a nation that has yet to be technologically mature for cashless economy, whimsically mopping cash out of circulation has a strong likelihood to instigate social crisis and anomie.
In that light, many Nigerians have been hard pressed due to difficulty in accessing and delivering cash to enable them go about their normal economic lives. Consequently, that has degenerated into riots or chaos in many parts of the country.
Another way to interrogate the logic and potency of the naira redesign policy beyond its sociological and societal implications is its sustainability. Since the policy is chiefly anchored on curbing vote buying and electoral malpractices in the country, the question to be answered is this: Would the policy be replicated or be made into law to be effected at every four years of the elections period?