NAIRA REDESIGN AND THE NIGERIA ECONOMY

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ABSTRACT

This study examines the impact of the 2022 naira redesign on Nigeria’s economy, with a focus on medium and small-scale businesses in Benin City, Edo State. The researcher utilized the statistical package for social sciences (SPSS) version 24.0, for data analysis, guided by the study’s research questions. Prior to analysis the questioniare responses were throughly reviewed to identify and address errors such as incorrect entries, spelling mistakes or unanswered items. The data was then coded to facilitate efficient computer based statistical analysis. Descriptive statistics including frequencies and percentages, were employed to summarize the demographic and general data. Additionally t-test was applied to examine the relationships between the independent variable (naira redesign) and the dependent variable (Financial systems, Economic systems and security systems) These analytical methods were chosen to provide insight into the studies objectives and hypothesis. Following the results of the emperical analysis the study found that: Financial uncertianty engendered by currency restructuring does not significantly affect SME’s growth in Nigeria. The findings are intended to guide policymakers, financial institutions, businesses, and other stakeholders in understanding and mitigating the challenges posed by such interventions.

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