By Jamiu Folarin
The point of modern propaganda isn’t only to misinform or push an agenda. It is to exhaust your critical thinking to annihilate truth.” – Garry Kasparov
THE Central Bank of Nigeria (CBN) on 26 October 2022 introduced into the financial system, redesigned denominations of N1000, N500 and N200 banknotes. The apex bank declared that the old notes of the same denominations would cease to be regarded as legal tenders by 31 January 2023. The Governor of CBN, Mr. Godwin Emefiele announced extension to February 10th after many Nigerians could not have access. Also, there were complaints that the time to deposit the old naira notes to the banks was short. This led to violent protests and riots in some parts of the country. The Federal Government said it introduced the new currency and mopped up N2.1 trillion cash in circulation as a way of promoting its cashless policy, curb illicit financial flows such as money laundering and other crimes in Nigeria. Critics however believe that the policy is targeted at politicians who monetise the electoral process through vote buying. Some State Governors belonging to the ruling All Progressive Congress (APC) led by Kaduna State Governor, Mallam Nasir El-Rufai dragged the Federal Government to court to nullify the February 10th deadline issued by the apex bank.
The Supreme court gave an injunction preventing the Federal Government from enforcing the deadline until the determination of the case brought by the APC governors. In a nationwide broadcast, President Muhammadu Buhari directed banks to accept the old N200 Naira note as a legal tender till April 10, 2023 while the old N500 and N1000 notes should continue to cease to be regarded as legal tenders. As the APC governors were kicking against the implementation of the naira redesign policy of the Federal Government, the presidential candidates of two major opposition political parties – the Peoples’ Democratic Party (PDP) and the Labour Party (LP) – Alhaji Atiku Abubakar and Mr Peter Obi supported the implementation of the policy. The implementation of the naira redesign policy has on its trail conspiracy theories, propaganda and misinformation. On one hand, there are claims and counterclaims on the intention of the CBN on the implementation of the policy; and on the other hand, that politicians who opposed it have a hidden agenda. There are all forms of false information, online and offline, on issues relating to the currency swap especially among Nigerians. Recently, while virtually all mainstream media reported that commercial banks can still collect the old N500 and N1000 notes, with official information coming from many of the banks to confirm it, the CBN came out to deny the claim.
The complexity in the arguments of both sides on the naira redesign is that they both claim to be saying the truth. They both claim to be serving and protecting the interest of the masses. As a media literacy advocate, I always encourage people not to rush at taking position with insufficient information, and be more careful and activate their discerning hearts when they have “extreme” emotional attachment to an issue. I understand to some extent the strategies deployed by propagandists in this situation. The cheapest approach for them is to use the masses to pursue their self-interest even at the expense of the masses. In their public engagements, they align with the yearnings and aspirations of the populace; in their private enclaves, they detest this approach and scheme to subvert the will of the same people they claim to be representing. Most politicians gain political power through populism approach but their actions and inactions, policies, programmes and projects used to be anti-masses. Part of the grand plans of the propagandists is to introduce controversies and perpetually want the masses to remain in a state of confusion. And just as Garry Kasparov put it: the aim “is to exhaust your critical thinking to annihilate truth.” For the sake of your sanity and mental health, calm down, reflect and refuse to be frustrated as the political and economic elites dominate the public sphere (online and offline) playing on your emotions and sentiments in order to use you as an instrument of propaganda to further consolidate their power and dominance.
So, my verdict is that whatever position you take on this issue, you are neither right nor wrong. A body of knowledge is built around this assumption – post truth, alternative fact etc. You can support the policy. You have the liberty to kick against it or decide to be on the fence. Irrespective of your stand, let me state it as it is: You are being manipulated! That strong opinion you hold is not originally yours. You are just regurgitating the repeated propaganda messages that are forced on you through all means of communication – interpersonal, group and mass – with the instrument of traditional, mainstream and social media. While a group of the political elite will want you to support the implementation of the naira redesign policy, another will rationalise why it is even unpatriotic to support such. Another group will want you to be unconcerned. So, irrespective of your position on the policy, you will definitely fit into the plans of one of the groups.
Karl Marx and Frederick Engels (1970) in their work: “The Ruling Class and the Ruling Ideas“ put it more succinctly with Alla Zaykova (2014) summarising it thus: “the prevailing ideas of a particular society are formed by the ruling class to express and justify their position. This contrasts the view that ideas and values within a society exist separately from political or economical leadership.”
- Folarin is a lecturer at the Mass Communication Department of Crescent University, Abeokuta, Ogun State.
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