THE EFFECT OF NAIRA REDESIGN ON NIGERIAN CITIZENS (A CASE STUDY OF KARU LOCAL GOVERNMENT AREA, NASARAWA STATE)
Abstract
ABSTRACT
This research project is centred on: Effect of Naira redesign on Nigerian citizens (a case study of Karu Local Government Area, Nasarawa State). The main aim of the study is to examine effect of 2023 naira redesign on Nigerian citizens. Specific objectives include to: identify and analyze the reasons for naira redesign in 2023; assess the impact of naira redesign on Nigerian citizens; identify the challenges with the 2023 naira redesign The study adopts System Theory. The methodology used for this study was a survey research design and data was collected through structured questionnaires. A total population 333,800 was employed which is the projected 2024 population of the study area. A sample size of 400 was derived from the total population using Taro Yamane’s Formula. 400 questionnaires were administered to Karu Local Government Area, after which only 390 were filled completely and returned. The postulated hypothesis were tested using chi-square (X2). The study find out that: naira redesign play a pivotal role in curbing security threats and holding of the currency. The study further reveal that naira redesign led to an increase in expenses in the country. Following the findings, the study therefore recommends that; policy makers should adjust certain aspect of the redesign to mitigate negative impact in citizens.
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