AN EVALUATION OF THE PERCEPTION OF ABA RESIDENCE ON THE NAIRA REDESIGN AND ITS IMPLICATIONS ON ECONOMIC GROWTH CASE STUDY OF ABA METROPOLIS.

This study examines an evaluation of the perception of Aba residence on the naira redesign and its implications on economic growth. Case Study Aba Metropolis. Faced with the problem of the study was guided by the following objectives; To Examine the effects of the currency redesigns on the economy in Aba metropolis, Nigeria. To ascertain whether there is any relationship between currency redesign and improvement on the economy of Aba, Nigeria. To investigate the problems that lead to the redesigning of currency in Nigeria. The study employed descriptive and explanatory design, questionnaires in addition to library research were applied in order to collect data. Primary and secondary data sources were used and data was analyzed using statistical package which was presented in frequency tables and percentage. The respondents under the study were 30 employees of Aba Metropolis. The study findings revealed that there is a significant impact [Naira redesign] has on [the economy of Nigeria]. Linear regression significant at 0.05 level (2-tailed), 0.00 indicates the significance of interaction between two variables an indication that the significant is under the range of 0.0 and 0.05. Using the above findings, it implied that there is a strong relationship between impact [Naira redesign] and [the economy of Nigeria]. Key recommendations from the study are; The Central Bank of Nigeria Should not Hoard the currency but should release it to the access of all citizens for proper circulation and economical growth. The Right Authorities should follow up information on any Citizen irrespective of position Hoarding the Nigerian currency in their homes and penalize them accordingly. The Old and the newly designed Notes should be allowed for use but once deposited in the bank, it should not be let out again. The Bank Management should make withdrawal easy and fast to avoid extortion by POS agent from Customers. The right Authorities should trace and penalize the sellers of the Naira Currency that leads to the rise in withdrawal Charges while regulating and enforcing a better and stresses withdrawal setting directly from the bank.