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ABSTRACT
This research project aimed to critically analyze the impact of the 2022 naira redesign policy on small scale businesses in Nigeria, using Igbudu market in Warri South Local Government of Delta State as a case study. The research objectives were to ascertain the negative impact of the 2022 Naira redesign policy on the growth and development of small scale businesses in Igbudu market in Warri South Local Government Area of Delta State, to determine if the 2022 Naira redesign policy truly encouraged small scale businesses to go cashless and electronic in their transactions, to ascertain the long-term implications of the 2022 Naira redesign policy on the growth and development of small scale businesses in Igbudu market in Warri South Local Government Area of Delta State. The study adopted a descriptive survey research design. The population of the study comprised of all small scale businesses in Igbudu market of Warri south local government area of Delta state. The data collected were properly organized and tabulated. The responses were statistically analyzed using simple percentage. Based on the findings of the study, the researcher therefore concludes that the 2022 naira redesign policy has had a negative impact on the growth and development of small scale businesses in Igbudu market, in Warri South Local Government Area of Delta state. The 2022 currency redesign policy has not impacted the use of mobile banking, point of sales (POS) and other online payment platform among small scale businesses in Igbudu market in Warri South Local Government Area of Delta State and also the policy has led to increased inflation, due to hike in prices of goods and services, stemmed from addition of charges and levies on electronic transactions. The policy has increased the incidence of disputes with customers because of failed / delayed transactions. The 2022 Naira redesign policy has not in any way improved small and medium scale businesses as claimed.
