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ABSTRACT
This study was designed to assess the effects of the Naira redesign policy on Urban dwellers in Oredo local Government Area Of Edo State. The general objective of this study is to examine the effects of Naira redesign policy on urban dwellers using Oredo local Government area of Edo state as a case study. Other objectives include; to investigate the problems that led to the redesigning of Naira, to determine the benefits of the Naira redesign policy and to assess the reactions/response of Urban dwellers to the redesigned Naira notes. The study adopted the survey research design using the “Taro yamane” formula as the sampling technique. The sample size for this study is four hundred (400) respondents. Questionnaires were administered to the sampled respondents as the instrument for data collection. The questionnaires were framed to reflect every aspect of the research question. Data collected from the questionnaire was analyzed using descriptive statistics. Frequency distribution and percentage analysis was used to analyze the research question while an inferential statistics in terms of chi-squared (x2) was used to test the hypotheses raised. The findings of the study shows that currency redesigning by the CBN is another means to reduce excess of money supply in circulation and reinforce more monetary policy effectiveness in curbing inflationary inflationary pressure and enhance the exchange rate policy of the CBN and more liquidity. The findings of the study also showed that the Naira redesign actually threw the masses into general hardship by frustrating socioeconomic activities. It was also discovered that banks, POS and other financial agents were indeed guilty as charged of unethical conducts during the period of change of the Naira notes. The findings of the study suggests that policy makers should carefully consider the potential benefits and drawbacks of currency redesign before implementing it. In conclusion, the study provides insights and recommendations that can guide policy makers in making informed decisions on currency redesign in Nigeria.
