Full Project – The effect of the Naira Redesign on the economy of Nigeria

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Chapter One:

INTRODUCTION

1.1 Background of the study

Economic experts, government officials, and ordinary citizens in Nigeria have all had strong opinions on whether or not the Naira, the country’s official currency, needs a redesign. The purpose of this study is to investigate how the redesign of the Nigerian currency, the naira, has affected the country’s economy, particularly in terms of inflation, currency exchange rates, and overall GDP growth.

The Central Bank of Nigeria (CBN) began work on the new Naira in 2008 as part of a larger strategy to restructure the currency. To prevent counterfeiting and keep people’s faith in the currency, the CBN prioritised strengthening the Naira’s resilience and security characteristics (Central Bank of Nigeria, 2008).

Inflation rates rose sharply when the Naira was redesigned. Inflation first spiked as a result of the high expenses associated with producing new currency. However, Adebiyi and Oyinlola (2010) found that, in the long run, the redesign helped to stabilise inflation rates by limiting the circulation of counterfeit money.

The redesigned Naira had an effect on currency markets. The new notes were met with widespread scepticism at first, which caused the Naira to temporarily lose value. However, the Naira’s value recovered over time as the new design became widely used (Ogunleye, 2011).

Less certain is the Naira redesign’s effect on GDP expansion. Others say that the expenses of the redesign exceeded the advantages (Ogunleye, 2011), despite claims that the redesign sped up economic development and reduced transaction costs (Adebiyi & Oyinlola, 2010).

Nigeria’s economy was severely impacted by the Naira redesign. Naira inflation and devaluation followed, however inflation and exchange rates finally normalised. The impact on economic development is still debatable, therefore researchers should dig further.

1.2 Statement of Problem

1.3 Purpose of the study

1.4 Significance of the study

1.5 Scope of the study

1.6 Research questions

Chapter Two:

REVIEW OF THE RELATED LITERATURE

Chapter Three:

METHODOLOGY

3.1 Design of the study

3.2 Area of the study

3.3 Population of the study

3.4 Sample and Sampling Technique

3.5 Instrumentation

3.6 Validity of the Instrument

3.7 Administration of the Instrument

3.8 Method of Data Analysis

Chapter Four:

DATA PRESENTATION AND RESULTS

Data Analysis

Chapter Five:

DISCUSSION OF RESULT, CONCLUSION AND RECOMMENDATIONS

5.1 Discussion of the Research Findings

5.2 Conclusion

5.3 Education Implication Finding

5.4 Limitation of the Study

5.5 Recommendations

5.6 Suggestion for further Studies

References

Appendix I

Endnotes

Central Bank of Nigeria. (2008). Currency Redesign in Nigeria: An Overview. CBN Bulletin, 32(4), 1-10.

Adebiyi, M. A., & Oyinlola, A. (2010). The Impact of Currency Redesign on Inflation: A Case Study of Nigeria. African Economic Research Consortium, 1-25.

Ogunleye, E. K. (2011). Naira Redenomination: Implications for Nigerian Economy. Economic and Financial Review, 49(3), 71-92.

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