Naira Redenomination: The Nigerian?s Perspective

Abstract

The study fundamentally sorts to scrutinize naira redenomination, the rationale, citizen’s perspective and benefits to the economy. The policy was deferred in 2007. The justification of the study eleven years after the deferral is accredited to the contemporary financial and economic predicament and the declining naira value to the US Dollars. It's therefore vital to gauge citizen’s perception of the policy via quantitative technique. The variable adopted embrace only one, redenomination with indicators. Data were extracted from 124 respondents, who understands the impact and effect of redenomination. The victory and miscarriage of the policy is squarely the ability and inability to ensure squat and firm inflation rate, economic growth, price stability and effective citizen education. The policy benefits citizen perspective embraces; economic credibility, payment and pricing system proficiency, and convenience, whereas, the fears takes on counterfeits, and insufficient supply of notes and coins.