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VOL. 13, ISSUE 1 (2026)
Naira redesign and societal degradation: A case study of Katsina state
Authors
Ishak Abdulmalik, Nasir Abdulraheem
Abstract
Societal degradation
became worsen as a result of naira redesign policy in Nigeria. The naira
redesign policy of the Central Bank of Nigeria (CBN) which was intended to
reduce the high expenditure on cash management, reduce cash flow and to
strengthen Nigeria’s economy. Despite the laudable intention of the policy, it
appears that the policy has failed to achieve its objectives. This study utilized mixed methods research design
consisting of survey as quantitative method and interview as a qualitative
method to assess the Naira redesign and and societal degradation. Purposive and
stratified sampling techniques were used in selecting small and medium scale
enterprises (SMEs) across the 34 local governments in Katsina State. Data collected was analyzed using simple descriptive
statistics and chi-square test. Evidence from the results indicated a
significant association between Naira redesign and societal degradation.
Citizen’s educational levels on online banking services were relatively high.
Some of the causes of implementing Naira redesign include; aimed to reduce
terrorism financing and kidnapping ransom payments, promoting digital payments
and reduce cash dependency, and curbing vote buying in elections. Effects of
Naira redesign on societal degradation include; increasing income inequality,
price fluctuation which made sales low, worsening the poverty levels, job
losses, and disruption of business operations. The study, therefore, recommend
increasing financial inclusion through digital payments, stabilizing the
Naira's value against the US dollar, financial assistance from the Government
to the affected SMEs, provision of adequate cash and ensure its accessibility,
and public awareness campaigns on Naira redesign benefits.
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Pages:281-289
How to cite this article:
Ishak Abdulmalik, Nasir Abdulraheem "Naira redesign and societal degradation: A case study of Katsina state". International Journal of Multidisciplinary Research and Development, Vol 13, Issue 1, 2026, Pages 281-289
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