A Review on Monetary Policy and Currency Redesign: Implications for Economic Growth and Financial Stability in Nigeria

Abstract: The study explores the relationship between Nigeria's monetary policy and currency redesign, focusing on the implications for the country's financial stability and economic expansion. The importance of money as a flexible asset is shown by its crucial function in facilitating trade, price communication, and savings. The Nigerian Central Bank uses monetary policy to accomplish a variety of objectives, placing a strong emphasis on the value of currency redesign in reducing currency fraud and boosting national pride. The central bank's recent move to modernize the 200-, 500-, and 1000-Naira banknotes displays its dedication to economic stability, growth, and equilibrium. The study highlights the dynamic link between currency redesign and more general economic results, illuminating its potential to reduce inflation, boost security, and improve cash flow. Although the potential for advancement and security is presented by currency change, careful planning is necessary to enable successful implementation and stakeholder engagement. This review contributes insights into the synergy between monetary policy, currency redesign, and financial resilience, offering recommendations for policymakers and stakeholders alike.

Keywords: Monetary Policy, Currency Redesign, Economic Growth, Financial Stability, Inflation, Economic Stability.

Title: A Review on Monetary Policy and Currency Redesign: Implications for Economic Growth and Financial Stability in Nigeria

Author: Park IDISI, Anuolu Queensly OLAIYA, Opemipo Rachael OLAJIDE, Wasiu Ademola ABUDU, Maryam Nkiruka UGWU

International Journal of Recent Research in Commerce Economics and Management (IJRRCEM)

ISSN 2349-7807

Vol. 10, Issue 3, July 2023 - September 2023

Page No: 107-113

Paper Publications 

Website: www.paperpublications.org

Published Date: 23-August-2023

DOI: https://doi.org/10.5281/zenodo.8276109

Paper Download Link (Source)

https://www.paperpublications.org/upload/book/A%20Review%20on%20Monetary%20Policy-23082023-3.pdf