Impact of CBN cash withdrawal limit and currency redesign monetary policies on the operation of young Point of Sale (POS) merchants in Enugu State, Nigeria
Background: High inflation rate is one of the economic problems facing Nigeria. As the government is unable to provide a long-term solution to this issue, inflation in the economy is inevitable. Objective: The study aimed at exploring the medium and longstanding interactions of inflationary dyna...
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| Format: | Article |
| Language: | English |
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Department of Mass Communication, University of Nigeria
2023-04-01
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| Series: | Ianna Journal of Interdisciplinary Studies |
| Online Access: | https://iannajournalofinterdisciplinarystudies.com/index.php/1/article/view/102 |
| _version_ | 1797633786210418688 |
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| author | Ijeoma Pauline Ogbonne |
| author_facet | Ijeoma Pauline Ogbonne |
| author_sort | Ijeoma Pauline Ogbonne |
| collection | DOAJ |
| description |
Background: High inflation rate is one of the economic problems facing Nigeria. As the government is unable to provide a long-term solution to this issue, inflation in the economy is inevitable.
Objective: The study aimed at exploring the medium and longstanding interactions of inflationary dynamics on Nigeria’s economic growth speed.
Methodology: Autoregressive Distribution Lag (ARDL) bound estimation procedure was utilised in the study. The researchers used the Augmented Dickey-fuller test (ADF) for the stationarity test on the variables.
Result: The study found that inflation has a detrimental long-term and short-term influence on Nigeria’s economic growth. This demonstrates that when inflation is excessively high, an economy's currency loses buying power as a result of an increase in prices.
Unique Contribution to Knowledge: The study has demonstrated the link between inflation and Nigeria’s economic growth.
Conclusion: The study concluded that inflation has a severe consequence on the Nigerian economy both in medium and longstanding periods.
Recommendations: Giving the study’s findings, the study recommended stringent monetary policy.
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| first_indexed | 2024-03-11T11:58:29Z |
| format | Article |
| id | doaj.art-2e8a5aa73dba4b478de44447b914aa53 |
| institution | Directory Open Access Journal |
| issn | 2735-9883 2735-9891 |
| language | English |
| last_indexed | 2024-03-11T11:58:29Z |
| publishDate | 2023-04-01 |
| publisher | Department of Mass Communication, University of Nigeria |
| record_format | Article |
| series | Ianna Journal of Interdisciplinary Studies |
| spelling | doaj.art-2e8a5aa73dba4b478de44447b914aa532023-11-08T10:57:49ZengDepartment of Mass Communication, University of NigeriaIanna Journal of Interdisciplinary Studies2735-98832735-98912023-04-0151102Impact of CBN cash withdrawal limit and currency redesign monetary policies on the operation of young Point of Sale (POS) merchants in Enugu State, NigeriaIjeoma Pauline Ogbonne Background: High inflation rate is one of the economic problems facing Nigeria. As the government is unable to provide a long-term solution to this issue, inflation in the economy is inevitable. Objective: The study aimed at exploring the medium and longstanding interactions of inflationary dynamics on Nigeria’s economic growth speed. Methodology: Autoregressive Distribution Lag (ARDL) bound estimation procedure was utilised in the study. The researchers used the Augmented Dickey-fuller test (ADF) for the stationarity test on the variables. Result: The study found that inflation has a detrimental long-term and short-term influence on Nigeria’s economic growth. This demonstrates that when inflation is excessively high, an economy's currency loses buying power as a result of an increase in prices. Unique Contribution to Knowledge: The study has demonstrated the link between inflation and Nigeria’s economic growth. Conclusion: The study concluded that inflation has a severe consequence on the Nigerian economy both in medium and longstanding periods. Recommendations: Giving the study’s findings, the study recommended stringent monetary policy. https://iannajournalofinterdisciplinarystudies.com/index.php/1/article/view/102 |
| spellingShingle | Ijeoma Pauline Ogbonne Impact of CBN cash withdrawal limit and currency redesign monetary policies on the operation of young Point of Sale (POS) merchants in Enugu State, Nigeria Ianna Journal of Interdisciplinary Studies |
| title | Impact of CBN cash withdrawal limit and currency redesign monetary policies on the operation of young Point of Sale (POS) merchants in Enugu State, Nigeria |
| title_full | Impact of CBN cash withdrawal limit and currency redesign monetary policies on the operation of young Point of Sale (POS) merchants in Enugu State, Nigeria |
| title_fullStr | Impact of CBN cash withdrawal limit and currency redesign monetary policies on the operation of young Point of Sale (POS) merchants in Enugu State, Nigeria |
| title_full_unstemmed | Impact of CBN cash withdrawal limit and currency redesign monetary policies on the operation of young Point of Sale (POS) merchants in Enugu State, Nigeria |
| title_short | Impact of CBN cash withdrawal limit and currency redesign monetary policies on the operation of young Point of Sale (POS) merchants in Enugu State, Nigeria |
| title_sort | impact of cbn cash withdrawal limit and currency redesign monetary policies on the operation of young point of sale pos merchants in enugu state nigeria |
| url | https://iannajournalofinterdisciplinarystudies.com/index.php/1/article/view/102 |
| work_keys_str_mv | AT ijeomapaulineogbonne impactofcbncashwithdrawallimitandcurrencyredesignmonetarypoliciesontheoperationofyoungpointofsaleposmerchantsinenugustatenigeria |