COPING STRATEGIES TO NAIRA REDESIGN SHOCK AMONG MALE MARKETERS IN OREDO LOCAL GOVERNMENT AREA, EDO STATE, NIGERIA

ABSTRACT

This study assessed the coping strategies to naira redesign among male marketers in Oredo Local Government Area, Edo state, Nigeria. The specific objectives were to; describe the socio-economic characteristics of the male marketers in the study area, assess the perception of male marketers to the naira redesign, identify the coping strategies employed by male marketers in response to the naira redesign in the study area and identify the challenges they faced during the naira scarcity in the study area. A multi stage sampling technique was employed to select 80 male marketers for the study. Primary data were obtained through the use of interview schedule. Data obtained were analyzed using descriptive statistics, multiple regression and Pearson Product Moment Correlation. Results from the descriptive statistics showed that more than half (51.25%) of the respondents were married. The mean age, household size and average monthly income were 36 years, 3members and ₦58826.32 respectively. 48% of the respondents had secondary education. Respondents sold various types of agricultural produce like animal proteins (30%), grains and legumes (25%), fruit (12.5%), tubers (16.25%) and vegetable oil (5%). More than half (55%) of the male marketers were members of a cooperative society. Most (96.25%) of the male marketers had an unfavourable perception of the naira redesign. The study showed that buying cash from point of sale (POS) operators (x̄ =3.45) and selling produce on credit (x̄ =3.40) were the major coping strategies employed by the male marketers against the challenges of naira redesign shock. The study also showed that partial closure of business (x̄ = 2.83), not able to acquire basic needs (x̄ = 2.55), and no knowledge on mobile banking (x̄ = 2.54) were the major challenges faced by the male marketers during the naira scarcity. Age (ß = 0.848; p < 0.0078), household size (ß = 0.899; p < -0.0402) and educational status (ß = 0.328; p <0.0970) were the socio-economic characteristics that correlated with the challenges to naira redesign shock. Perception (ß = 0.281; p < 0.031) significantly correlated with coping strategies to naira redesign shock at 10% level of significance. Challenges (ß = 0.681; p < 2.141) do not correlated with coping strategies to naira redesign shock. The study concluded that the respondents had an unfavourable perception of the Naira redesign and high coping strategies. The policy makers should ensure to make policies that favourable to the masses and critically examined before implemented because policies are made to better the lives of the masses and not make it worse.