An application of multiple regression model to ascertain whether naira redesign has achieved its objectives in Nigeria

Abstract

The study employed multiple regression model to ascertain whether naira redesign has achieved its objectives in Nigeria. This study adopted a quantitative research design. Primary and secondary data were collected. The primary data was obtained through administration of self-developed questionnaire, while the secondary data was extracted from World Bank publications (data.worldbank.org) spanning from 1970 to 2022 based on data availability for the study variables and the purposive sampling technique was explored. The study employed inferential statistics (Multiple Regression analysis) for data analysis. The results were presented in tables and discussed according to the research objectives. The study revealed a significant linear relationship between GDP and monetary policy such as exchange rate, and interest rate while controlling for the inflation rate. Naira redesign has failed to achieve its objectives, such as curbing inflation, stopping terrorism financing, curbing inflation, naira hoarding and naira counterfeiting. The study recommended that CBN should ensure a provision is made to curb posible challenges that might come with the redesign of Naira note.