info@fuwjss.com
Federal University Wukari, Taraba State, Nigeria

Policy Intentions of Currency Swap in Nigeria

Ibrahim Salihu Kombo

Keywords: Corruption, currency, policy, economy, naira

Abstract 

Recently, the Nigerian Federal Government introduced new denominations of #200, #500 and #1000 notes into circulation. This introduction stirred large-scale uncertainities within the political, social and economic spheres in manners that the policy intentions of this currency swap appear speculative among Nigerians. Through a systematic review of secondary data sources, this paper examines the primary intents of the currency swap policy and how this currency swap aligns with the Federal Government’s fight against corruption and determination to re-structure the nation’s economy. The system theory forms the theoretical lens of this paper. Major findings established that the policy intentions of the currency swap policy focused on fighting corruption in Nigeria. Findings also recognized that fighting corruption in Nigeria is not an easy job, but with sincerity of motives displayed with placing the right people for the job and appropriate legislations made, the currency swap policy can effectively fight corrupt in Nigeria. The paper concludes that the success of the currency swap policy depends on the effectiveness of government mechanisms to efficiently revitalize state institutions in Nigeria to be accountable in their operations. The paper recommends that there should be an adequate articulation and appraisal of policy intents before such policies are roll- out for implementation in Nigeria.

Author Biography 

Ibrahim Salihu Kombo

Department of Political Science,

IBB University Lapai, Niger state

ibrahimsalihukombo@gmail.com.

View PDF

FUWJSS