You have no items in your shopping cart.
ABSTRACT
The study examined the naira redesign policy of the federal government of Nigeria that took place between October, 2022 to December, 2023 using Benin City as a case study. The study employed exploratory survey research design. A total of four hundred and fifty (450) questionnaires were administered to respondents in Benin City, Nigeria. A total of four hundred and twenty (420) questionnaires properly filled were received. The questionnaires were administered online by means of the Google document format. The response rate was 93.3%. Descriptive statistics were used in data analysis. The study found that the Nigerian naira redesign policy was poorly conceived and poorly implemented. However, communication about the policy was good but residents reported a lack of understanding of its goals. The policy led to decreased banking habits, trust issues with the new currency, and negative impact on businesses and the long-term economic benefits remain unclear. However, the policy did encourage a positive shift towards the use of mobile money transfer. Overall, the study suggests the policy was a failure, but identified a rise in mobile money use as the sole positive outcome. Furthermore, the study found that Nigerians are unlikely to support another redesign effort in the near future. The study recommends, among others, that the government should improve in future any of such policies. They should emphasize clear communication of goals and objectives before implementation, possibly through public forums. The government should focus on policies that encourage spending and long-term economic growth. They should prioritize national interests and invest in rural internet infrastructures to support the rise in the use of mobile money transfer. Banks should improve customer service and offer incentives to rebuild trust and encourage continued mobile banking use. Finally, further research is needed to understand why consumer behavior towards businesses didn't seem to change despite the negative impact on business operations.
