IMPACT OF NAIRA REDESIGN IN CURBING ELECTORAL MALPRACTICE IN NIGERIA: A CASE STUDY OF 2023 GENERAL ELECTIONS

ABSTRACT This research examined the effects of Naira redesign in the abatement of electoral malpractices during 2023 general elections in Nigeria. The goals of this study focus on the effect of Naira redesign on vote buying, various ways through which the Naira redesign improved the transparency and integrity of the electoral process and challenges posed by the Naira redesign on INEC and the electoral process during the 2023 general elections in Nigeria. The study utilized the qualitative methods which involved the search and examining scholarly articles that analyze the electoral processes and effects of Naira redesign in Nigeria, examining government reports and publication as well as reviewing historical contexts on instances of Naira redesign in Nigeria. Theoretical approaches like political economy theory, and institutional theory are employed in order to analyze the subject matter. Results show that the redesigning of the note did have a significant effect on the flow of illicit funds into the elections; it also brought about a reduction in vote buying and other forms of electoral malpractices. Beyond this however the wider impact of the new currency and its meaning for the populace meant a higher level of voter engagement. Finally, the research justifies the efficacy of monetary policy as a tool of electoral hygiene. Additionally, the Naira redesign played a significant role in creating a more transparent electoral environment in the 2023 general elections, as it helped to reduce the financial incentives for malpractice and increased the sense of ownership among Nigerians. The study also emphasizes the importance of follow-up reforms in the monetary policy and electoral management sectors in order to institutionalize electoral integrity.