SOCIAL WORK IMPLICATION OF NAIRA REDESIGN AND THE WELL BEING OF NIGERIANS IN EKOSODIN COMMUNITY, OVIA NORTHEAST LOCAL GOVERNMENT AREA OF EDO STATE

ABSTRACT

This study aims to examine the impact of the redesign of the Naira on the well-being of individuals in the Ekosodin community, Edo State. The objectives of the study are to investigate the potential panic caused by the Naira redesign among buyers and sellers, to explore the relationship between the redesign and the scarcity of money in circulation, and to identify social work intervention strategies for mitigating the effects of the redesign. The study utilized a quantitative approach and collected primary data through structured questionnaires. The sample consisted of 150 respondents from the Ekosodin community, with data analyzed using descriptive statistics. The findings indicate that the Naira redesign causes panic among buyers and sellers, leading to a perceived scarcity of money in circulation. Furthermore, the study reveals a negative relationship. In conclusion, the study highlights the significant impact of the Naira redesign on the well-being of individuals in the Ekosodin community and emphasizes the importance of social work interventions in mitigating these effects between the redesign and the ability of individuals to access their money. Based on these findings, it is recommended that social workers provide psychosocial support to individuals and communities affected by the redesign, organize community development initiatives focused on economic empowerment and sustainable livelihoods, and advocate for social protection measures and social safety nets.