IIARD International Institute of Academic Research and Development

IIARD International Journal of Economics and Business Management (IJEBM )

E-ISSN 2489-0065
P-ISSN 2695-186X
VOL. 10 NO. 9 2024
DOI: 10.56201/ijebm.v10.no9.2024.pg117.128

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Federal Government Currency Redesign Policies and Sustainable Development of Nigeria Economy

Dr. OKIRIDU, Obulord S. Frank, Dr. OGWUNTE, Peter Clinton GODPOWER, Yiraodi Joel

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Abstract

The Nigerian government has recently implemented policies aimed at redesigning the country's currency, the naira, with the goal of reducing, possibly stop vote buying during elections, improving its security features to detect hoodlums who engaged in kidnapping activities and deterring counterfeiting. However, these policies have not been without their shortcomings, as they have been criticized for being costly and inefficient. Some experts have also argued that the government's focus on currency redesign may be misplaced, neglecting more pressing economic issues such as addressing the country's high inflation, insecurity, and unemployment. Additionally, the impact of the redesign policies on the economy is yet to be fully realized, as the implementation process is ongoing. The naira redesign policies have not had significant implications for the development of Nigeria's economy. The researchers considered the following areas: Historical background of Nigerian government naira-redesign policies, reasons for Nigerian government naira redesign policies, major shortcomings of the naira-redesign policy and the Nigerian economy, reasons why the naira-redesign policy was not successful, Criticism faced by the Nigeria government on the naira redesign policies and Implications of the naira redesign policy on the Nigerian economy.

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