1.

0 INTRODUCTION AND STUDY BACKGROUND

1.1 Background and rationale of the research
By September 2022, the former Governor of the Central Bank of Nigeria- Mr. Godwin Emefiele
with the approval of the immediate past President of Nigeria-President Buhari engaged in a
currency redesign policy which saw the N200, N500, and N1000 been improved for new notes
(CBN, 2023). The move was to ensure equilibrium between money supply and demand, gather
excess cash in circulation which were perceived to be used to create instability in Nigeria while
also been deployed to engage in illicit activities and transactions such as bankrolling of 2023
General election campaign with monies not approved by the government (Emefiele, 2023).
However, unscrupulous Nigerians especially politicians and their cronies took the opportunity of
loophole in the policy such that they were the first to access more than 80% of the new N200,
N500, and N1000 released by the Central Bank through the connection of the cronies across
Nigerian money deposit banks and consequently collapsed the achievement of the policy thereby
leaving majority of Nigerians and businesses especially small business in increased poverty and
hunger and jeopardy respectively (Pillah, 2023).

In response to the foregoing, some scholars have pitched research search light to determine the
implication of the perceived failed CBN naira redesign policy focusing on different macro-
economic perspectives. Some of such studies include Otitoju, et al (2023) and Dada (2023) who
researched into impact of the CBN naira redesign policy on survival of micro, small and medium
enterprises, and industrial development of Nigeria respectively. However, there is a research gap
on how the CBN naira redesign policy has impacted financial inclusion of market women which
is one of its objectives and how it has improved or reduced the revenue made by such women
from their daily transactions at the open marketplace. This therefore forms the crux of the
research problem which the current study intends to unravel and add to existing literature on the
subject given evidence from market women in Ikorodu- a developing suburb in Lagos State.

1.2 Research Questions

The discussion in the statement of problem is observed to give rise to some research questions
which form the crux of the study and needs to answer by the end of the study. Hence, the
following research questions are to be answered by this study:
1. What is the impact of the 2023 Central Bank of Nigeria Naira redesign policy on the level
of financial inclusion of market women in Ikorodu Division of Lagos State?
 2. What is the impact of the 2023 Central Bank of Nigeria Naira redesign policy on the level
of revenue generated by market women in Ikorodu Division of Lagos State?

1.3 Purpose and objectives of the study

The purpose of this research is to investigate the impact of the 2023 Central Bank of Nigeria
Naira redesign policy on the level of financial inclusion and revenue of market women in
Ikorodu Division of Lagos State. The purpose of the research is demystified to achieve the
following objectives:
1. To determine the impact of the 2023 Central Bank of Nigeria Naira redesign policy on
the level of financial inclusion of market women in Ikorodu Division of Lagos State
2. To determine the impact of the 2023 Central Bank of Nigeria Naira redesign policy on
the level of revenue generated by market women in Ikorodu Division of Lagos State
3. To recommend proactive, practical, and applicable policy directions that can be
implemented to tackle gaps identified in 2023 Central Bank of Nigeria Naira redesign
policy as it affects financial inclusion and revenue of market women within Ikorodu
Division of Lagos State and beyond.

1.4 Significance of the study and contributions to knowledge

This research is conducted because of some perceived contributions to research knowledge as it
relates to currency redesign as monetary policy by national Central Bank and its far-reaching
economic effect on financial inclusion of the unbanked and improvement or other wise of
business revenue of small traders like market women who sell food and non-food items within
the local open markets. Firstly, it closes the research gap on examination of the relationship
between the 2023 Central Bank of Nigeria Naira redesign policy as it affects financial inclusion
and revenue of market women within Ikorodu Division of Lagos State. Secondly, the outcomes
arising from the research is expected to serve as policy direction to management of Central Bank
of Nigeria with respect to effective planning and implementation of future currency redesign
policy that will help in deepening the financial inclusion of the unbanked especially those among
market women and also achieve equilibrium between supply and demand for the naira which will
also improve the revenue base of small scale traders (market women). Lastly, researchers within
Nigerian and outside Nigeria will also find the outcomes of the study relevant towards tackling
future research problems in their future studies that are related to the determination of the
relationship between currency redesign and financial inclusion of citizens and turnover of small
business.
2.0 LITERATURE REVIEW
Currency redesigning by Central Banks of countries has been observed to be an old practice that
has lasted for decades on a global scale. This is so because of the policy’s potentials to achieve
equilibrium between supply and demand for money and its implications on economic stability,
prospects of foreign direct investments, economic growth and development and improvement of
the standard of living of citizens of countries (Aroghene and Imene, 2023). Conceptually,
currency redesign involves the process of creating changes to the security, visual and technology
features of existing currency denominations used as legal tender in a country by the Central Bank
of such country (Akinleye, 2023). These changes are also observed to improve the quality
features of the old currency by improving its durability and functionality for local and cross-
border transactions. Proponents that support currency redesign policy such as IMF (2023) and
Akinleye (2023) have advanced their stands on the fact that it is a veritable monetary policy tool
to combat all forms of illicit transactions such counterfeiting of currency, money laundering,
human trafficking and funding of insurgency and banditry which causes political instability and
heighten insecurity in the country due to excess money in circulation and in the hands of corrupt
individuals or group.

Studies such as Nwanma (2023) have indicated that one of the major reasons why Central Banks
of countries engage in currency redesign is to drive and deepen financial inclusion of the
unbanked and influence citizens to embrace cashless financial system of transaction which helps
to control the money in circulation, ensure secured transactions and drive economic growth. The
conclusion of Nwanma (2023) is supported by Pillah (2023) who demonstrated that countries
that have engaged in currency redesign as a tool to deepen financial inclusion of the unbanked
within the country achieved outstanding results of increase in number of the unbanked. This feat
was achieved as the unbanked became banked after they lodge their old currencies in the bank
and used the opportunity to open bank accounts and activated digital financial channels through
which they can conduct financial transactions seamlessly and in a secured manner. Similarly,
Arshad, et al (2021) indicated how currency redesign policy in under-developed countries helped
to increase financial inclusion of local and rural households and individuals (who were
predominately small-scale business) in the mainstream, financial system of the country. This also
created self-reliance through access to micro loans while supply of cash was limited to help
combat illicit transactions (Arshad, et al, 2021).

Currency redesign has also been found to have a significant relationship with the ability of small-
scale traders or business to gain an increase in turnover over a given period. In this regard, Dada
(2023) found out that small businesses can increase their sales volume because of financial
inclusion that emanates from currency redesign policy by Central Bank of the country. This
conclusion finds convergence with the discovery of Asuming, et al (2018) who also indicated
that financial inclusion had direct and significant influence on ability of small businesses to
increase sales volume especially through advert and conduct of seamless and secured
transactions through digital payment channels enjoyed by those that are financially included in
the country’s financial system.

3.0 METHODOLOGY
The Research Onion as advanced by Saunders, et al (2016) will be used to determine the
research methods that will be used to gather data for the purpose of analysis to answer the
research questions of the study.

3.1 Research Philosophy

As reflected in Saunders, et al (2016) Research Onion, research philosophy depicts the
theoretical model that shapes the set of research methods that will be adopted by the researcher
to gather and analyse data and arrive at valid and reliable outcomes with regards to the crux of
the research problem underlying a given study. Given the nature of the study that the researcher
will gather data from primary source, positivism research philosophy will be adopted during the
study, and it will shape the set of research methods that will be deployed to collect and analyze
data towards tackling the research problem of the study. In essence, the positivism research
philosophy will be adopted to investigate the impact of the 2023 Central Bank of Nigeria Naira
redesign policy on the level of financial inclusion and revenue of market women in Ikorodu
Division of Lagos State. The positivism research philosophy will be used instead of other
research philosophical paradigm like interpretive research philosophy because it helps the
researcher to engage in an empirical driven study where fresh data are used as basis for analyzing
the relationship between the variables of the study to arrive at objective, valid and reliable
outcomes (Melnikovas, 2018). This contrasts with interpretive research philosophy which
positions the researcher to rely on already processed data which might have been manipulated to
suit author’s selfish bias and findings based on unfounded generalizations (Bell, et al, 2019).

3.2 Research Design

Research design depicts the approach and strategy deployed by the researcher to gather relevant,
objective, empirical, valid, and reliable data to answer the research question and achieve the
purpose and objectives of a given study (Satishprakash, 2018). Given the submission of
Satishprakash (2018), it is important to discuss the research design from the standpoint of
approach and strategy proposed for the current study. In terms of research approach, the
researcher will adopt quantitative research design which will ensure that primary data is
collected to help answer the study’s research questions (Kothari and Gaurav, 2014). This is in
consonance with the positivism research philosophy as underscored in the Research Onion and
will be selected instead of qualitative research design which constraints the researcher to gather
already processed data from diverse secondary sources (Melnikovas, 2018).

Similarly, questionnaire survey will be deployed as the research strategy through which primary
data will be collected from target participants (market women in Ikorodu Division of Lagos
State) during the field survey of the study (Sekaran and Bougie, 2016). This method will be used
because it is in consonance with usage of quantitative research design within the context of
positivism research philosophy and ensures that objective and unbiased responses are elicited
from participants of the survey because they participate using an anonymous status (Easterby-
Smith, et al, 2012).

3.3 Population and Sampling Design

Given the definition of population of research as underscored by Bell et al (2019) to be the total
number of individuals that can be examined or elicit information from during a field survey, the
population of the study is typical all the market women in Ikorodu Division of Lagos State
trading within the study area as at when the questionnaire survey is conducted. The sample size
of the study will be determined using the rule of the thumb method as the researcher could not
access a valid and reliable number of total numbers of market women trading in Ikorodu
Division of Lagos State as at the time a pilot study was conducted before the commencement of
the study. This is also because there is always new entry and exit of market women from open
markets in Lagos State such that some exit the market for better opportunities in other markets
and new entrants coming into same market based on their perceived benefits that can be derived
from such market. This constraint informed the need to adopt convenience sampling technique
such that the researcher will only administer questionnaire on target participants that are
interested in the survey and are also available at the time the survey is conducted (Sekaran and
Bougie, 2016).

3.4 Data Collection Procedure

Survey method will be adopted through the administration of research questionnaire for the
collection of data; however, it is important to state the nature and content of the questionnaire
that will be used during the study. The questions in the questionnaire will be written in English
Language as it is observed to be the official language of communication across Nigerian among
small business owners. Similarly, questions will be written in simple and clear format that will
be easily understood by each survey participant and this will help ensure that the questions are
not misinterpreted in a manner that wrong responses are given (Satishprakash, 2018). Questions
will be crafted in closed ended format such that the participant is constrained to select answer to
each question asked form the pre-determined answer options provided by the researcher (Kothari
and Gaurav, 2014). In this regard, 5-point Likert scale like SA- Strongly agree, A-Agree, N-
Neutral, D-Disagree and SD-Strongly disagree etc. (Easterby-Smith, et al, 2012) research
questionnaire will be drafted to gather data.

The questionnaire will be divided into the following sections:

Part 1: questions on demographic information.
Part 2: questions on impact of the 2023 Central Bank of Nigeria Naira redesign policy on the
level of financial inclusion of market women in Ikorodu Division of Lagos State.
Part 3: questions on the impact of the 2023 Central Bank of Nigeria Naira redesign policy on the
level of revenue of market women in Ikorodu Division of Lagos State.

The questionnaire survey will be conducted at different market locations within Ikorodu area of
Lagos state and market women will be approached by the researcher to introduce the study and
seek their participation. Those interested in the study and are certified to be able to read, write
and comprehend effectively will be administered questionnaire and once they are done filling in
their response, will hand in over the researcher for purpose of analysis (Sekaran and Bougie,
2016).
3.5 Data Analysis Method
In consonance with the positivism research philosophy context, descriptive statistical method
will be used to analyze data collected during the questionnaire survey. Specifically, simple
percentages frequency tables and bar charts will be used for analysis to reflect the relationship
between the variables underscored in the research questions (Saunders, et al, 2016).

4.0 ANALYSIS AND DISCUSSION

This chapter reflects the empirical chapter of the study as it presents, analyzes, interprets, and
discusses the findings from data analyzed with conclusions of previous study and helps
determine novel outcomes that served as conclusions to the research questions of the study.

5.0 CONCLUSION

This chapter underscores the conclusion of the researcher with respect to the research questions
of the study given outcomes from the field work, just as recommendations are suggested on
proactive, practical, and applicable policy directions that can be implemented to tackle gaps
identified in 2023 Central Bank of Nigeria Naira redesign policy as it affects financial inclusion
and revenue of market women within Ikorodu Division of Lagos State and beyond. Theoretical
and practical implications of the outcomes of the study are also discussed while suggestions on
future research directions are also underscored.
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