IMPACT OF NAIRA SWAP POLICY ON SOCIO-ECONOMIC ACTIVITIES IN NIGERIA: A STUDY OF KEFFI LOCAL GOVERNMENT AREA OF NASARAWA STATE
Kabiru Sule, Usman Shuaibu , Muhammad Sule, Nwamuo Uche Chris, Jekop Dan-Alih and Kalli Shettima Ali
Volume 9 Issue 2
Abstract
The study investigated the Naira-Swap policy’s Effect on Socio-Economic Activity in Nigeria with focus to Keffi Local Government Area of Nasarawa State was investigated. Fundamentally, to pinpoint the difficulties that Nigeria's current Naira-swap policy has caused for households and small-time traders in Keffi Local Government Area. This study used survey research also known as descriptive research. While secondary materials came from earlier investigations, the primary data were created via a questionnaire. In Keffi Local Government Area of Nasarawa State, Nigeria, the population of this research consists of homes, petty-traders, bike men (Okada riders), commuters, and small-scale enterprises with a total strength of four hundred and ten (410) groups of individuals. The required sample was drawn using a non-probability sampling technique known as purposeful or judgmental sampling. Simple percentage statistical software was used as the method for data analysis. For the study, Solow and Swan (1956)'s Solow-Swan Growth Theory was utilized. According to the report, the Central Bank of Nigeria's (CBN) continued Naira-swap strategy helps it control inflation, combat corruption, stop the people from hoarding excessive amounts of notes, and help detect fake currency. The study recommends that the Naira exchange program be immediately discontinued and only reinstated once the equivalent amount of money removed from circulation has been created in order to stop the unimaginable agony the people are experiencing as a result of the ongoing swapping. Keywords: Impact, Naira-Swap, Policy, Socio-economics, Activities, Nigeria
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