IMPLICATIONS OF NAIRA REDESIGN ON THE FINANCIAL, ECONOMIC AND SECURITY SYSTEMS IN NIGERIA
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Date
2023
Journal Title
Journal ISSN
Volume Title
Publisher
FUOYE Journal of Public Administration and Management
Abstract
Currency redesign remains a part of monetary policy strategies of the Central Bank of Nigeria geared
towards reaffirming the institution’s sovereignty and to curb specific financial infractions such as currency
hoarding and counterfeiting, among others. This paper therefore examines the effects of the naira redesign
on financial, economic and security systems in Nigeria. It employs primary data analyses drawn from
structured questionnaires issued to various stakeholders such as professionals, banking public, artisans
and SMEs, among others. The study found that naira redesign is effective in the containment of inflation,
in asserting the sovereignty of the government’s monetary policy in curbing bribery and corruption, in
controlling the activities of bandits and kidnappers and in controlling money supply. The paper therefore
recommends among other things that the old and new notes (that is, ₦1000, ₦500 and ₦200) should remain
legal tenders until the old stock is finally phased out. It also recommends that DMBs should expand the
capacities of their e-platforms, make POS devices free to encourage better participation and avoid any
future clash of naira redesign or reform activity with another national event.
Description
Keywords
Currency redesign, Financial System, Economic System, Security System
Citation
Asaolu, A. A., Ogbeide, O. S., & Aniobi, S.C. (2023). Implications of Naira Redesign on The Financial, Economic and Security Systems in Nigeria. FUOYE Journal of Public Administration and Management Vol. 1 (2), pg. 1-13. WWW.FJPAM.COM