Implementation Strategy of the Naira Redesign Policy: The Islamic Law Perspective

Abstract

In the year 2023, the Nigerian Currency was redesigned. The redesign was envisioned to ensuring various socioeconomic advantages. The arguments in favour of the Naira redesign were that the policy was overdue with regards to best practices; it has the ability to combat currency counterfeiting, crimes as well as retract currencies outside the banking system among other benefits. However, the implementation of the policy plunged the country into serious socio-economic, financial and political quagmire. The negative impacts seem overweighing compared to the envisaged benefits. The aforesaid situation thus informed the adoption of doctrinal methodology to investigate the Islamic law perspective on the implementation strategy of the Naira redesign policy. The paper found that the implementation was in counter distinction with the Islamic law principles and concluded that the implementation of the policy should have been suspended to avert the avoidable hardships witnessed in the country by reason of the policy.