On 23 April 1984 the Buhari–Idiagbon regime invalidated all existing naira notes and issued recoloured replacements. Land and sea borders were closed for the duration of the exchange. The policy was intended to nullify hoarded cash from the Second Republic.
Demonetisation1984· Buhari I· Chapter I · Money
Buhari naira redesign
Notes recoloured; old notes invalidated to combat illicit cash holdings. Borders closed during the exchange.
Sources
- · CBN Press Release 23 April 1984
- · Decree No. 9 of 1984
What it cost — political & economic reality
The political and economic reality
Nigeria in 1984: who was in charge, the cabinet of the day, the GDP, and the crises that defined the period.
Head of State · Military
Maj.-Gen. Muhammadu Buhari
1984–1985
National reality
War Against Indiscipline. Decrees 2 (detention without trial) and 4 (press) were used to jail Tunde Thompson and Nduka Irabor. Overthrown by Babangida on 27 August 1985.
Crises of the period
- Decree 4 press jailings
- Economic austerity; queues for essential commodities
GDP (World Bank)
$28 bn (1984)
Cabinet (selected portfolios)
- Foreign Affairs
Prof. Ibrahim Gambari
- Finance
Dr. Onaolapo Soleye
Source: Federal Military Government Gazette 1984–85
Methodology
Tier 1 · primary
Courts. Gazettes. National archives.
Tier 2 · corroborating
OCCRP. HRW. BudgIT. TheCable.
Redline
Wikipedia is never a source.