Abstract: The Central Bank of Nigeria (CBN) announced the redesign of Nigeria currency in 2022, and the policy was implemented in February, 2023, with the objectives of improving the security features of the currency in order to reduce the rate of currency forgery, reduce the total amount of money in circulation to reduce inflation, increase the percentage of money availability in bank volts in order to increase the rate of financial inclusion. This policy has brought about hardship on Nigerians by forcing Nigerians into cashless phase economy by creating artificial cash scarcity. This paper seeks to review the impact of currency redesign on Nigeria Economy. Some factors contributed to the failure of the policy which are, politics, demographic and socio-ecological changes, banking superstructure and modernity, and the wages of illiteracy and poverty and the widening income divide. In conclusion, the paper provides possible solutions and recommendations that can guide monetary policy makers in making informed decisions on currency redesign in Nigeria.
Keywords: Currency redesign, Nigeria Economy.
Title: IMPACT OF CURRENCY RE-DESIGN ON NIGERIA ECONOMY 2022-2023
Author: Dr. M.A Otitoju, G.A. Sunday, I.B. Abiola, W.A. Abudu
International Journal of Social Science and Humanities Research
ISSN 2348-3156 (Print), ISSN 2348-3164 (online)
Vol. 11, Issue 3, July 2023 - September 2023
Page No: 50-56
Research Publish Journals
Website: www.researchpublish.com
Published Date: 01-August-2023
