Naira Redesign: Implications on Nigeria’s Economy
Research Objectives
The study’s objectives is to discover how the redesign of the naira has affected Nigeria’s economic growth. The particular goals are;
- To analyze how the redesign of the naira notes will affect Nigeria’s economic growth
- To evaluate how redesigning the naira note affects Nigeria’s inflation rate.
- To determine how the cost of redesigning the naira will affect Nigeria’s economic growth.
CHAPTER TWO
INTRODUCTION
Under the dollarization regime, both domestic price inflation and the output gap rise in response to the domestic productivity shock as well as the foreign demand shock. The reason happens to be that both shock raise permanent income and stimulate domestic demand, which raises desired expenditure on imported goods as well as increase in the prices of domestically produced goods. Lucas (1976) reacted appropriately to the changes in the monetary regime, the paper asserted that authorities can make a perfectly credible commitment to a particular monetary policy regime, dollarization can be represented as a perfectly credible exchange rate peg, dollarization to him implies that the home interest rate is identical to that of the foreign country whose currency serves as an anchor, he also considered two alternative monetary policy regimes of “strict consumer price inflation(CPI) targeting and Taylor’s (1993) rule in which the nominal interest rate responds to the output gap as well as CPI inflation In (2016), the Indian government under Prime Minister Narendra Modi had a plan to stop corruption and reduce the amount of money in circulation by withdrawing and reintroducing the 500 and 1,000 denominations of the Indian rupee within six months In 2018, a Bloomberg report stated that the scheme froze “agriculture and small businesses with a liquidity shock, put people through unnecessary hardship, disrupted supply chains, and destroyed demand for everything from autos to property”. Net savings in India were reduced by 50 per cent a year after the policy was implemented. The currency in circulation also increased to 20 trillion rupees from 18 trillion rupees before the policy. According to Earnest S.O (2011), opined that, Nigeria being an highly import-dependent nation which severely eroded the strength of her currency(naira) relative to other currencies, in which the major function of the central banks is to achieve price and exchange rate stability, he’s of the opinion that Nigeria has not fare well in this regards, he critically evaluate the effect of the new currency re-design exercise of the CBN, he sees the currency redesign as the means by which government attempted to reassert monetary sovereignty, in other words if citizen loses confidence in the national currency, they may begin to use foreign currencies, in which he termed the process as “Dollarization” reasons the Central Bank of Nigeria initiated the ideas of currency redesign exercise tagged “PROJECT CURE”. Against this backdrop the study also examines the potential benefits of the redesign policy implications on the Nigeria economy. (Aurangzeb, 2012) posit that a well-structured, strong and developed financial sector is required to achieve a sustained capital growth. More importantly, the financial sector also serves as the avenue through which the monetary policies of the government are carried out.
CHAPTER THREE
RESEARCH METHODOLOGY
INTRODUCTION
In this chapter, we described the research procedure for this study. A research methodology is a research process adopted or employed to systematically and scientifically present the results of a study to the research audience viz. a vis, the study beneficiaries.
RESEARCH DESIGN
Research designs are perceived to be an overall strategy adopted by the researcher whereby different components of the study are integrated in a logical manner to effectively address a research problem. In this study, the researcher employed the survey research design. This is due to the nature of the study whereby the opinion and views of people are sampled. According to Singleton & Straits, (2009), Survey research can use quantitative research strategies (e.g., using questionnaires with numerically rated items), qualitative research strategies (e.g., using open-ended questions), or both strategies (i.e., mixed methods). As it is often used to describe and explore human behaviour, surveys are therefore frequently used in social and psychological research.
POPULATION OF THE STUDY
According to Udoyen (2019), a study population is a group of elements or individuals as the case may be, who share similar characteristics. These similar features can include location, gender, age, sex or specific interest. The emphasis on study population is that it constitutes of individuals or elements that are homogeneous in description.
This study was carried to examine Naira Redesign: Implications on Nigeria Economy. CBN, Abuja form the population of the study.
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS
INTRODUCTION
This chapter presents the analysis of data derived through the questionnaire and key informant interview administered on the respondents in the study area. The analysis and interpretation were derived from the findings of the study. The data analysis depicts the simple frequency and percentage of the respondents as well as interpretation of the information gathered. A total of eighty (80) questionnaires were administered to respondents of which only seventy-seven (77) were returned and validated. This was due to irregular, incomplete and inappropriate responses to some questionnaire. For this study a total of 77 was validated for the analysis.
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
Introduction
It is important to ascertain that the objective of this study was to ascertain a critical analysis of the causes and impact of premarital sex among females students in secondary schools. In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing an a critical analysis of the causes and impact of premarital sex among females students in secondary schools
Summary
This study was on a critical analysis of the causes and impact of premarital sex among females students in secondary schools. Three objectives were raised which included: To examine the factors that contribute to premarital sex among female students in secondary schools, to examine the effects of premarital sex on the academic performance of secondary school students and to determine the solutions to the factors that contribute to premarital sex among female students in secondary schools. A total of 77 responses were received and validated from the enrolled participants where all respondents were drawn from selected secondary schools in Itak, Akwa Ibom state. Hypothesis was tested using Chi-Square statistical tool (SPSS).
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