The Bane of Legal Tender Redesign Policy on Economic Growth in Nigeria
Keywords:
Bane; Legal Tender; Naira Redesign Policy; Economic GrowthAbstract
The study examines the bane of legal tender redesign policies on economic growth in Nigeria. It employed a causal-comparative research design for the study. The data were collected for ten (10) years, spanning from 2013 to 2022, with quarterly observations specifically chosen to capture the recent challenges posed to the Nigerian economy during the period of redesigning the legal tender. The data was sourced from the National Bureau of Statistics (2023) report. The statistical method used included normality testing, descriptive statistics, and OLS regression analysis to test the research hypotheses. Data analysis was conducted using E-views 10.0 statistical software. The finding revealed that Kolmogorov-Smirnov and Shapiro-Wilk tests indicated a normal distribution, except for the inflation rate and GDP. The study's findings led to the rejection of all hypotheses, including INFR (t: 0.368060; p=0.7150>0.05), CPS (t: -0.696308; p=0.4907>0.05), and COB (t: 1.972444; p=0.0563≥0.05). As a result, the study concludes that the redesign of legal tender is only one aspect of economic policy. This suggests that redesigning legal tender notes with key national celebrations or anniversaries to boost feelings of patriotism and unity encourages positive mawkishness that promotes economic growth.
References
Adeyemi, O., & Osabohien, R. (2020). Does legal tender redesign influence economic growth in Nigeria? Evidence from econometric analysis. Heliyon, 6(1), e03116
Akindiyo, O. & Olawole, A. (2015). Devaluation of Nigerian Naira: Bane or Panacea? Review of Public Administration and Management. 4(8).
Akinleye, O. S. (2023). An overview of policy implications of legal tender redesign in Nigeria. Global Scientific Journal, 11(2), 1097-1108.
Aribaba, F. O., & Ahmodu, A. O. (2022) Corporate Governance Failure and Organisational Ethic of Deposit Money Banks in Nigeria. Christopher University Journal of management and Social Sciences. 2(2) 145 - 154.
Ayodele, T. R., & Adedokun, S. A. (2019). Oil price volatility and economic growth in Nigeria. Journal of Policy Modeling, 41(6), 1109-1119.
Balago, G. S. (2014). Nexus between Bank Credit and Economic Growth in Nigeria: Evidence from VEC Model. Open Access Library Journal, 1: e952. http://dx.doi.org/10.4236/oalib.1100952
Emmanuel, O. O., Abiola O. A., & Anthony, O. U. (2015). Impact of Private Sector Credit on Economic Growth in Nigeria. CBN Journal of Applied Statistics, 6(2), 81-101.
Imimole B, Enoma A (2011). Exchange Rate Depreciation and Inflation in Nigeria (1986-2008). Business and Economics Journal, BEJ-28
Inam, U. S. (2017). Forecasting Inflation in Nigeria: A vector autoregression approach. International Journal of Economics, Commerce and Mgt. Vol. 5, No. 1, pp. 92-104
National Bureau of Statistics (NBS, 2022). Nigerian Gross Domestic Product Report. Retrieved from https://nigerianstat.gov.ng/elibrary/read/1241288
Olatunji, G.B., Omotesho, O.A., Ayinde, O.E and Adewumi, M.O. (2012) „Empirical Analysis of Agricultural Production and Inflation Rate in Nigeria (1970-2006)‟ Agrosearch, 12(1), 21 - 30 http://dx.doi.org/10.4314/agrosh.v.12i1.2
Olofin, S., & Asaolu, T. O. (2018). E-commerce and economic growth in Nigeria: Evidence from ARDL bound testing approach. Journal of Economics and Business Research, 24(1), 69-84.
Ukpabi, I. O., Eleje, E. C., & Onu, C. (2021). Private Sector Credit and Economic Growth in Nigeria: A Model of ARDL Bounds Test. JETIR, 8(12), 45-55.
Walsh, C. E. (2015). Monetary Theory and Policy (4th ed.). The MIT Press.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Abdul-Lateef Olamide Ahmodu, F. O. Aribaba, S. A. Yusuff, A. S. Aderibigbe
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
The author fully assumes the content originality and the holograph signature makes him responsible in case of trial.
