ASSESSMENT OF CENTRAL BANK OF NIGERIA MEDIA CAMPAIGN AGAINST NAIRA ABUSE AMONGST NIGERIANS IN 2024

CHAPTER ONE

INTRODUCTION

Background of the Study

Currency is essential for the functioning of a nation's economy, as it represents its worth and enables economic transactions. The Naira in Nigeria serves as a representation of both national pride and economic stability. Ubani (2020) highlighted that despite its importance, the misuse of Naira currency has become a widespread problem in the country, eroding its credibility and the esteem it receives.  The Naira being subjected to numerous sorts of abuse, such as the act of spraying and stepping on currency notes during social occasions, the sale and mutilation of banknotes, and other acts of mishandling that result in the degradation of their condition. These behaviours not only degrade the prestige of the national money but also result in significant economic expenses related to the reprinting and replacement of damaged banknotes. In order to address these problems, the Central Bank of Nigeria (CBN) has initiated extensive media efforts with the objective of promoting appropriate management and reverence for the national currency, the Naira (CBN, 2018).

Adegboyega (2020) classifies media into two main categories: print and non-print. Print media refers to tangible forms of communication, such as postal mail, newspapers, magazines, and journals. Non-print media encompasses electronic mediums such as radio, television, and social media platforms like Twitter, Facebook, Instagram, and others. Moreover, the media functions as a potent tool that empowers people worldwide to shape their viewpoints, attitudes, and comprehension.Furthermore, the CBN media campaign leverages multiple media platforms, including radio, television, newspapers, social media, and community outreach programs, to disseminate information about the proper handling of the naira. Likewise, educational content was designed to inform the public about the legal consequences of naira abuse, which include fines and imprisonment as stipulated in the CBN Act of 2007 and the Counterfeit Currency (Special Provisions) Act of 1984 (CBN, 2020).

Undoubtedly, the campaign also prioritizes the promotion of technological advancement and the adoption of digital payment methods. The CBN promotes the utilization of electronic banking and mobile money services as a means to decrease the manual handling of currency. Similarly, the campaign emphasizes the role of financial institutions in curbing Naira abuse. Banks are encouraged to engage in customer education initiatives and ensure that their cash-handling practices adhere to the highest standards. This adjustment not only aids in maintaining the integrity of currency notes but also corresponds with worldwide patterns towards economies that rely less on physical cash. However, the campaign utilises several media platforms to enlighten the public about the advantages of digital payments, including convenience, security, and diminished susceptibility to cash-related offences (Ogunleye, 2021).Therefore, a survey will be conducted in order to assess central bank of Nigeria media campaign against naira abuse amongst Nigerians in 2024.

Statement of the Problem

In recent times, the devaluation of the Naira is a complex issue that is deeply ingrained in cultural traditions and societal views. At several social gatherings in Nigeria, such as weddings and parties, the act of showering money on the celebrants is regarded as a demonstration of wealth and generosity. Nevertheless, this activity frequently results in the vandalism and obliteration of monetary notes.

 Consequently, the practice of selling Naira notes informally at a value higher than their face value, especially during celebrations and in distant regions, worsens the issue by promoting the circulation of deteriorated and damaged notes (Emefiele, 2018). These behaviours indicate a more widespread problem of insufficient knowledge and regard for the money, requiring specific initiatives to educate the people.  The Central Bank of Nigeria (CBN) states that a significant amount of money is expended each year on the reissuance of currency notes as a result of extensive abuse and mismanagement (CBN, 2020). The campaign aims to cultivate a shared sense of accountability among Nigerians towards the currency by emphasising these economic expenses. Moreover, providing the public with information regarding the legal consequences of Naira misuse, such as monetary penalties and incarceration, acts as a deterrent against engaging in such activities.In addition to spraying, members of socio-cultural organisations, like other Nigerians, engage in the misuse of currency by stapling it, writing on it, squeezing it, and concealing it in various places such as bras, underpants, socks, and so on (Osagie, 2023). These factors frequently result in the deterioration of the quality of the impacted currencies.

As a call to action, the Federal Government, in 2005, decided to address and put an end to the improper handling of currency by Nigerians, which was considered unethical. In order to do this, the Central Bank of Nigeria (CBN) implemented a strategy of conducting an extensive media effort to combat the misuse of the Naira.  Observation indicates that there is a limited degree of shift in the attitude of socio-cultural groups in Lagos state towards maintaining the value of the Naira. However, the practice still persists among certain groups' members during celebratory events in Lagos state. Given the substantial financial investment in the media effort, is it possible for the campaign to achieve success?. Thus, the study seek to assess the effectiveness of central bank of Nigeria media campaign against naira abuse amongst Nigerians in 2024.

 1.3  Objectives of the Study

The main purpose of this study is to assess central bank of Nigeria media campaign against naira abuse amongst Nigerians in 2024.Specifically, the study will;

1.Determine the extent of naira abuse in Nigeria.

2.Determine the factors influencing naira abuse in Nigeria.

3.Determine the effectiveness of the media campaign in promoting respectful handling of the naira.

4.Determine the challenges faced in implementing media campaign against naira abuse.

1.4  Research Questions

The following questions have been prepared for the study:

To what extent is naira abuse prevalent in Nigeria?

What are the factors influencing naira abuse in Nigeria?

How effective is the media campaign in promoting respectful handling of the naira?

What challenges are faced in implementing the media campaign against naira abuse?

1.5 Research Hypotheses

H0: The Central Bank of Nigeria's media campaign against naira abuse is not effective among Nigerians.

Ha: The Central Bank of Nigeria's media campaign against naira abuse  is effective among Nigerians.

1.6 Significance of the Study

This research will provide valuable feedback on the effectiveness of CBN media campaign in curbing naira abuse. This will enable them to refine their strategies, enhance messaging, and allocate resources more effectively to achieve better outcomes. Additionally, it will help financial institutions in designing internal policies and customer education programs that align with national efforts to protect the integrity of the naira. Furthermore, the study will shed light on how different media channels and formats influence public attitudes and behaviors regarding naira abuse. However, subsequent researchers will use it as a literature review. Build on the findings to explore further aspects of the effectiveness of media campaign against naira abuse.  

1.7 Scope of the study   

The scope of this study is boarded on central bank of Nigeria media campaign against naira abuse amongst Nigerians in 2024. Empirically, this study will determine the extent of naira abuse, the factors influencing naira abuse, the effectiveness of the media campaign in promoting respectful handling of the naira and the challenges faced in implementing media campaign against naira abuse.

Geographically, the study will be delimited to residents of FCT, Abuja .

1.8 Limitation of the study

In the course of carrying out this study, the researcher experienced some constraints, which included time constraints, financial constraints, language barriers, and the attitude of the respondents. In addition, there was the element of researcher bias. Here, the researcher possessed some biases that may have been reflected in the way the data was collected, the type of people interviewed or sampled, and how the data gathered was interpreted thereafter. The potential for all this to influence the findings and conclusions could not be downplayed. More so, the findings of this study are limited to the sample population in the study area, hence they may not be suitable for use in comparison to other schools, local governments, states, and other countries in the world.

 1.9 Definition of Terms

Media Campaign: A strategic communication effort utilizing various media platforms (e.g., television, radio, social media, print media) to convey targeted messages to the public.

Central Bank of Nigeria (CBN): The apex financial institution in Nigeria responsible for regulating and supervising the country’s banking system, managing monetary policy, and issuing currency.

Abuse: is defined to mean a departure from legal or reasonable use; or misuse. 

Naira Abuse: The improper or illegal use of the Nigerian currency, which can include acts such as mutilating, defacing, or using naira notes in ways that contravene legal and regulatory guidelines.