Impact of The Naira Re-Designed On Nigeria’s Economic Productivity

• Author(s): Akingbade, Omotayo Jadesola ; Salvation, Joshua Selven ; Esekhagbe, Omoyeme Rosemary ; Joshua, Rinarimam
• Paper ID: 1709265
• Page: 1166-1177
• Published Date: 23-06-2025
• Published In: Iconic Research And Engineering Journals
• Publisher: IRE Journals
• e-ISSN: 2456-8880
• Volume/Issue: Volume 8 Issue 12 June-2025

Abstract

Currency redesign or inaccessibility of cash always serves as an albatross in the smooth running of an economy's activities, as economic agents cringe for succour and relief during periods of cash drought and unavailability, resulting from economic policy or the periodic redesigning of a legal tender. In this light, this study underscored the impact of the redesigned naira on economic productivity in Nigeria. The specific objectives were to analyse the impact of the redesigned naira on economic productivity and to analyse the level of the impact of this redesigned naira on investors’ confidence and consumers’ purchasing power. Primary data were sourced through the use of questionnaires and interviews and used in achieving these objectives. The theoretical frameworks on which this study is based are the theory of production and the quantity of theory of money. The data was analysed using simple descriptive statistics, comprising tables and pie charts. The findings show that the naira redesign has unfavorably affected the economic productivity in Nigeria, dampened the confidence of investors, and reduced the purchasing power of consumers. The study, therefore, recommends that government should ensure a concise, people-oriented and all-inclusive policy framework that enlightens people on ways to cushion the effect of the redesigning of the naira.

Keywords

Naira Redesigned, Productivity, Theory of Production, Behavioral economics, Nigeria.

Citations

IRE Journals:
Akingbade, Omotayo Jadesola , Salvation, Joshua Selven , Esekhagbe, Omoyeme Rosemary , Joshua, Rinarimam "Impact of The Naira Re-Designed On Nigeria’s Economic Productivity" Iconic Research And Engineering Journals Volume 8 Issue 12 2025 Page 1166-1177

IEEE:
Akingbade, Omotayo Jadesola , Salvation, Joshua Selven , Esekhagbe, Omoyeme Rosemary , Joshua, Rinarimam "Impact of The Naira Re-Designed On Nigeria’s Economic Productivity" Iconic Research And Engineering Journals, 8(12)