The Bane of Legal Tender Redesign Policy on Economic Growth in Nigeria

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 c...

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Bibliographic Details
Published in:Acta Universitatis Danubius. Œconomica 2024-01, Vol.20 (1)
Main Authors: Aribaba, F O, Abdul-Lateef, Olamide Ahmodu, Egbewole, I K, Ajayi, J O, Ogunniyi, O R, Adesunloro, B R, Akinrinlola, M O
Format: Article
Language:English
Subjects:
Comparative analysis
Data analysis
Descriptive research
Economic growth
Economic policy
GDP
Gross Domestic Product
Inflation
Inflation rates
Money
Normal distribution
Normality
Patriotism
Regression analysis
Research design
Statistical analysis
Statistical methods
Statistics
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Summary: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.
ISSN:2065-0175
2067-340X