Paper Title :Nigeria’s ENAIRA, the Repudiated Currency
Author :Dexter f. Harrison
Article Citation :Dexter f. Harrison ,
(2023 ) " Nigeria’s ENAIRA, the Repudiated Currency " ,
International Journal of Management and Applied Science (IJMAS) ,
pp. 50-55,
Volume-9,Issue-10
Abstract : On 25 October 2021 the CBN (Central Bank of Nigeria) unveiled the new eNaira and instructed the populace to
turn in high-denominated banknotes to their banks, with the promise of receiving new bills. The Nigerian people complied,
however, the new banknotes were not adequately supplied to meet populace demand. The ensuing expression of outrage at
the CBN‟s new socioeconomic monetary policy resulted in large portions of the Nigerian society not having access to their
primary medium of exchange, cash. This research reviews the applicable literature to examine the effectiveness of the
Nigerian government‟s implementation of social-economic monetary policy and the repudiation of the policy which spurred
a rise in nationalism by the Nigerian populace. This inquiry leverages traditional social science theories of SIT (Social
Identity Theory) and Rational Actor Theory, coupled with Monetary Theories to address the question of why the Nigerian
government‟s implementation of the eNaira spurred the rise of social-economic nationalism in Nigeria (2021). The findings
suggest that the rejection of the eNaira by the Nigerian populace may indicate that the governed viewed the actions of the
government as an infringement upon their social economic livelihood, and thereby a breach of the established social
contract.Not having the affluence of the elite, the populace sought to express their disagreement with the policies of the
government, by collectively rejecting the implementation of the eNaira, as a demonstration of social economic nationalism.
Keywords - Technology, Currency, Psychology, Sociology, Nationalism
Type : Research paper
Published : Volume-9,Issue-10
DOIONLINE NO - IJMAS-IRAJ-DOIONLINE-20354
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Copyright: © Institute of Research and Journals
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Published on 2024-02-02 |
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