Effectiveness of the Central Bank of Nigeria’s (CBN) Communication Strategy on Public Perception of the Naira Redesign Policy
Chapter One
Objectives of The Study
The main objective of this study is to assess the effectiveness of the CBN’s communication strategy on the public perception of the Naira redesign policy. Specifically, the study aims to:
- Evaluate the clarity and comprehensibility of the CBN’s communication materials related to the Naira redesign policy.
- Assess the level of awareness and understanding of the Naira redesign policy among the general public.
- Examine the public’s perception of the benefits and potential challenges associated with the Naira redesign policy.
- Investigate the influence of the CBN’s communication strategy on public trust and confidence in the policy.
CHAPTER TWO
LITERATURE REVIEW
Introduction
The introduction section of the literature review provides an overview of the relevance of the Naira redesign on the Nigerian economy. It highlights the significance of conducting a comprehensive literature review to gain insights into the economic implications of currency redesign. By exploring existing research and studies, this review aims to shed light on the potential benefits and challenges associated with the Naira redesign. The purpose of this section is to set the context, establish the importance of the topic, and outline the structure of the literature review to guide the reader through the subsequent sections.
Conceptual Review
Evaluation of Clarity and Comprehensibility of CBN’s Communication Materials
To assess the clarity and comprehensibility of the Central Bank of Nigeria’s (CBN) communication materials regarding the Naira redesign policy, it is crucial to define these terms in the context of the CBN’s communication efforts. Clarity refers to the ability of the communication materials to convey information clearly and concisely, ensuring that the intended message is easily understood by the target audience (Central Bank of Nigeria, 2017). Comprehensibility, on the other hand, relates to the extent to which the communication materials are accessible and easily interpreted by the recipients (Efobi, Beecroft, and Asongu, 2018).
To evaluate the clarity and comprehensibility of the CBN’s communication materials, a thorough examination of the various materials released by the CBN regarding the Naira redesign policy is necessary. These materials may include official statements, press releases, brochures, infographics, videos, and websites dedicated to the policy. Each of these mediums plays a significant role in disseminating information and shaping public understanding of the Naira redesign (Eghosa and Osayi, 2018).
Upon examination, it is important to analyze the effectiveness of the communication materials in conveying the objectives and implications of the Naira redesign policy. This involves assessing whether the materials provide clear explanations of the reasons behind the redesign, its intended outcomes, and how it aligns with the broader economic goals of the country (Ehiemua, Osawaru, & Idemudia, 2019). The evaluation should consider the use of language, visuals, and overall design in conveying the message, ensuring that the information is presented in a manner that is accessible to the target audience (Lawal and Yakubu, 2018).
During the evaluation process, it is crucial to identify any areas of improvement or potential ambiguities in the communication materials. This includes pinpointing instances where the information may be unclear, confusing, or open to different interpretations. Ambiguities can arise from technical jargon, complex explanations, or inadequate contextual information (Obadan, 2017). Additionally, any inconsistencies or contradictions within the communication materials should be noted, as they can hinder the audience’s understanding and trust in the message being conveyed (Ogundipe and Ogundipe, 2019).
Identifying these areas of improvement or potential ambiguities can guide the CBN in refining its communication strategy. By addressing any shortcomings in clarity and comprehensibility, the CBN can enhance the effectiveness of its communication materials and ensure that the objectives and implications of the Naira redesign policy are effectively communicated to the general public (Olofin and Asaolu, 2018). This will enable individuals to make informed decisions and develop a better understanding of the policy’s significance for the Nigerian economy (Adeyemi and Osabohien, 2020).
In summary, evaluating the clarity and comprehensibility of the CBN’s communication materials regarding the Naira redesign policy is crucial in assessing the effectiveness of the information dissemination process. By defining clarity and comprehensibility, examining the communication materials, analyzing their effectiveness, and identifying areas of improvement or potential ambiguities, the CBN can enhance its communication strategy and ensure that the objectives and implications of the policy are effectively conveyed to the public.
Currency Redesign in Nigeria: Evolution and Implications
The introduction of the Nigerian currency, the Naira, on January 1, 1963, marked a significant milestone in the country’s transition from the imperial system inherited from the British colonial administration (CBN, 2015). Over the years, the Naira has undergone several redesigns, each influenced by different factors and historical contexts. This article aims to provide a comprehensive overview of the currency redesigns in Nigeria, highlighting their significance and implications.
One notable redesign occurred in 1968 during the Nigerian Civil War. The conflict led to widespread abuse of the currency and illicit trafficking. As a response, the Naira underwent another redesign to address these challenges (CBN, 2015). In 1973, under the supervision of Obafemi Awolowo, an influential Nigerian statesman, the indigenous currency was created, marking a milestone in Nigeria’s economic independence (CBN, 2015).
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