Effects of Naira Redesign Policy on the Economic Activities of Rural Communities: Study of Kontagora Rural Communities

Abstract

The currency redesign is one among many monetary policies of the Central Bank of Nigeria aimed at reaffirming the institution’s sovereignty and also to curb specific financial infractions such as currency hoarding and counterfeiting, and the likes. The paper examined the effects of the naira redesign policy in rural areas' economic activities The impact of the Policy on the economy of the nation and the financial hardships experienced by rural dwellers in some selected communities of Kontagora Local Government Area, Niger State, Nigeria.  The study used primary data drawn from structured questionnaires administered to various stakeholders such  Rural dwellers, Rural traders of Agro-allied products, Animal traders, and Farmers The study found that Naira redesign though is a good measure in the containment of inflation, in asserting the sovereignty of the government’s monetary policy, in curbing bribery and corruption and so on. However, the timing and modalities has created untold hardship to rural dwellers.