IMPACT OF NAIRA REDESIGN IN CURBING CORRUPTION IN NIGERIA
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IMPACT OF NAIRA REDESIGN IN CURBING CORRUPTION IN NIGERIA
Abstract
This study looked at The Impact of Naira Redesign on Corruption in Nigeria. Three goals were proposed: to assess the effectiveness of the redesigned Naira’s advanced security features in reducing counterfeit currency circulation and its association with money laundering and corrupt practises;
to investigate the extent to which the Naira redesign contributes to enhancing transparency and accountability in financial transactions, particularly in reducing opportunities for corruption in Nigeria;
and to assess the impact of public awareness. A total of 77 responses were collected and authenticated from the enrolled participants, with all respondents being Lagos state citizens. The Chi-Square statistical programme (SPSS) was used to test the hypothesis.
chapter One
Introduction
Backround of The study
Corruption has long been a major issue in Nigeria, slowing economic development and undermining public trust in government institutions. To counteract this prevalent problem,
the Central Bank of Nigeria (CBN) redesigned the Naira, introducing better security features and a renewed emphasis on openness. Using current facts and studies, this paper investigates the influence of the Naira redesign on reducing corruption in Nigeria.
The new Naira incorporates additional security features that make counterfeiting more difficult. This approach aids in the reduction of counterfeit currency, which has been connected to money laundering and corrupt practises (Oloyede & Olaoye, 2018).
The redesign intends to reduce illicit financial flows and illicit activities related with counterfeit money by protecting the currency’s integrity.
The redesign of the Naira is being supported by a determined attempt to increase transparency and accountability in financial activities. As part of this endeavour,
the Nigerian government has encouraged the use of digital payment technologies that leave a digital trail, such as mobile banking and electronic transfers.
This change to electronic payments has the potential to improve accountability and traceability in financial transactions, lowering prospects for corruption (Ezeanya, 2018).
The CBN and other government agencies have aggressively engaged with the public to promote awareness about the features of the new Naira and its importance in the battle against corruption.
Citizens are urged to identify and report fraudulent monetary practises through various media campaigns, workshops, and educational programmes. This increased public awareness can result in a more watchful and participatory society, which can function as a deterrent to corruption (Isa, 2021).
The makeover of the Naira has also reached public offices, where the currency is used for official transactions. Adoption of the new currency in government organisations has increased financial transparency while decreasing potential for graft in public procurement processes and other financial transactions (Ibrahim, 2019).
While the Naira redesign has showed positive outcomes in terms of corruption reduction, it is not without its limitations. The high cost of currency redesign and implementation, as well as opposition from corrupt networks that benefit from the old system, may limit the system’s full efficacy (Isa, 2021).
In Nigeria, the redesign of the Naira is an important step towards combatting corruption and enhancing financial integrity. The new Naira aspires to disrupt corrupt practises and promote sustainable economic growth by including advanced security measures, boosting transparency and accountability, involving citizens, and developing a culture of alertness.
However, continual evaluation and adaption of anti-corruption methods are required to handle shifting obstacles and assure the initiative’s long-term effectiveness.
Statement of the problem
Corruption has long been a ubiquitous and deeply entrenched problem in Nigeria, posing enormous difficulties to the country’s socioeconomic progress and political stability.
Various government programmes and anti-corruption measures have been implemented throughout the years to address this issue, with limited effectiveness.
The Central Bank of Nigeria (CBN) released a redesigned currency, the Naira, with increased security features and a renewed emphasis on transparency in response to this recurring challenge. The effectiveness of the Naira redesign in combating corruption, on the other hand, is a source of worry and requires further examination.
Key issues should be addressed:
Is the new Naira with enhanced security features effective in reducing the circulation of counterfeit currency, which has been related to money laundering and corrupt practises?
To what extent does the redesign of the Naira help to increased openness and accountability in financial transactions, particularly in terms of lowering potential for corruption in Nigeria?
What effect has the redesigned Naira’s public awareness efforts and civic engagement activities had on reducing corruption and encouraging citizens to recognise and report corrupt practises?
How has the redesign of the Naira affected corruption in public offices and financial transactions involving government agencies?
What are the constraints and obstacles in implementing and implementing the Naira redesign as a tool to combat corruption in Nigeria?
Addressing these questions would provide a full assessment of the Naira redesign’s success and potential flaws in the battle against corruption in Nigeria. The study’s conclusions will be critical in informing policymakers,
government agencies, and key stakeholders on the best tactics and actions to combat corruption and enhance openness and integrity in the country’s financial system.
Aim of the study
The major goal of this research is to examine the influence of the Naira redesign on corruption in Nigeria. To do this, the study will concentrate on the following specific goals:
To assess the efficacy of the redesigned Naira’s increased security measures in minimising counterfeit currency circulation and its link to money laundering and corrupt practises.
To investigate the extent to which the redesign of the Naira helps to increased openness and accountability in financial transactions, particularly in lowering potential for corruption in Nigeria.
To evaluate the effectiveness of public awareness programmes and civic engagement efforts related to the redesigned Naira in reducing corruption and motivating citizens to recognise and report corrupt practises.
Research Hypotheses
The following research hypotheses have been developed:
H1: The redesigned Naira’s sophisticated security features are ineffective in curbing counterfeit currency circulation and its relationship with money laundering and corrupt practises.
H2: There is no evidence that the Naira redesign improves openness and accountability in financial transactions, particularly in terms of lowering potential for corruption in Nigeria.
The significance of the research
The study on the influence of the Naira redesign on corruption in Nigeria is critical for a variety of stakeholders and has far-reaching ramifications for the country’s socioeconomic development and governance. The following are the most important areas:
Informing Policy Decisions: The findings of this study will give policymakers and government agencies with useful information into the success of the Naira redesign as an anti-corruption strategy.
The study’s evidence-based recommendations can aid in the development of more focused and efficient measures to combat corruption and improve financial integrity.
Strengthening Anti-Corruption efforts: Understanding the Naira redesign initiative’s strengths and flaws will allow policymakers and related institutions to refine existing anti-corruption efforts. The analysis can identify possible areas for improvement and aid in the development of comprehensive ways to effectively combat corruption.
Enhancing Financial Transparency and Accountability: The study can contribute to broader efforts to develop a more transparent and accountable financial system in Nigeria by studying the impact of the Naira redesign on transparency and accountability in financial transactions. This can encourage foreign investment, boost investor confidence, and promote economic growth.
scope of The study
The study’s scope includes the impact of naira redesign on reducing corruption in Nigeria. The study will only include inhabitants of Lagos state.
Study limitations
While the study on the impact of the Naira redesign on corruption in Nigeria tries to provide useful insights, it is important to recognise its inherent limitations, which may influence the scope and generalizability of the findings:
Time Restrictions: Conducting a complete investigation on a complicated and diverse topic such as corruption necessitates a large amount of time and resources. Due to time constraints for data collection and analysis, the study may not be able to thoroughly investigate all aspects of the Naira redesign’s influence on corruption.
Data Availability and Reliability: The study’s accuracy and reliability are dependent on the availability and quality of data. Access to trustworthy and up-to-date data on corruption, counterfeiting, and the efficiency of the Naira redesign may be limited, compromising the conclusions’ robustness.
Sample Size and Representativeness: The sample size and representativeness of the selected participants or data sources may influence the study’s conclusions. A limited or unrepresentative sample may limit the study’s capacity to draw broad generalisations about the Nigerian population as a whole.
Measuring Corruption: Corruption is a covert activity that is frequently difficult to correctly quantify. The use of self-reported or perception-based statistics may add biases or mistakes in determining the level of corruption and its relationship to the Naira redesign.
Despite these constraints, the study hopes to provide useful insights into the influence of the Naira redesign on Nigerian corruption. Researchers and readers should interpret the findings with these limitations in mind, and utilise them as a foundation for continued investigation and improvement of anti-corruption methods.
Definition of Term
Curbing means to restrain or keep under check.
Corruption: Corruption is a type of dishonesty or a criminal offence committed by a person or organisation in a position of authority in order to obtain illegal benefits or abuse power for personal gain.
Redesign: To change the appearance or functionality of something is to redesign it.
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