New Naira Notes Out Today: The 1984 Currency Change Announced by Nigeria’s Military Government

This image shows a preserved page from The Nigerian Chronicle, dated Wednesday, April 25, 1984. The headline story, titled “NEW NAIRA NOTES OUT TODAY,” captures one of the most significant economic decisions of Nigeria’s military regime under Major General Muhammadu Buhari and his deputy, Brigadier Tunde Idiagbon.

The article details the government’s announcement of a currency change, which required Nigerians to exchange their old naira notes for newly redesigned versions. The affected denominations included the ₦20, ₦10, ₦5, and ₦1 notes, which would cease to be legal tender from May 6, 1984. Citizens were instructed to take their old notes to banks for exchange within a limited period, after which they would no longer hold value.

This policy, declared by Brigadier Tunde Idiagbon, the Chief of Staff at the Supreme Headquarters, was part of the Buhari administration’s anti-corruption and anti-smuggling efforts. The government justified the move as necessary to curb money laundering, tax evasion, and the hoarding of illicit funds—issues believed to be worsening Nigeria’s economic instability at the time.

The 1984 currency change remains one of Nigeria’s most memorable economic reforms. It caused widespread public anxiety as people rushed to exchange their notes, and long queues formed outside banks across the country. However, the government insisted the policy was essential to restore financial discipline and confidence in the naira.

Beyond the headline story, the same issue of The Nigerian Chronicle also featured a local announcement for the formal opening and dedication of the Crystal Cathedral Church in Calabar, reflecting the newspaper’s regional focus on both national and community events.

Founded in Calabar, The Nigerian Chronicle was one of the leading newspapers in the old Cross River State, known for documenting important political, social, and economic developments in the 1970s and 1980s. The April 25, 1984, edition provides a fascinating historical record of Nigeria’s early attempts at economic reform during a period of military rule.

Sources:

The Nigerian Chronicle, April 25, 1984 (Calabar Edition).

National Archives of Nigeria (Calabar Division).

Falola, Toyin & Heaton, Matthew M. A History of Nigeria. Cambridge University Press, 2008.