ASSESSING SOCIAL MEDIA INFLUENCE ON THE ACCEPTABILITY OF THE NEW NAIRA NOTES POLICY IN NIGERIA

ASSESSING SOCIAL MEDIA INFLUENCE ON THE ACCEPTABILITY OF THE NEW NAIRA NOTES POLICY IN NIGERIA

CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

The redesign of Nigerian Naira banknotes may benefit the economy in a number of ways. First of all, it might improve the currency’s general aesthetic appeal, raising its value and perceived worth both domestically and outside. Second, the redesign procedure might enhance the notes’ security characteristics, lowering the possibility of counterfeiting and perhaps boosting public confidence in the money. Thirdly, the redesigned design might foster a greater sense of national pride and identification among the populace, encouraging the usage of the naira as a means of exchange and promoting economic stability (thenationonlineng.net)

It is crucial to remember that the effect of revamping the currency will rely on a number of variables, including how well the change is implemented and the status of the economy as a whole. The redesign of the Naira notes should ultimately be a component of a larger economic improvement strategy, and its success will be determined by its capacity to promote economic stability and progress (thenationonlineng.net)

The public’s perception of the new naira note policy in Nigeria has been significantly shaped by social media. People have been able to express their ideas, opinions, and experiences with the new policy using social media sites including Twitter, Facebook, and Instagram. As a result, a virtual public space has been created where people may talk about and share their thoughts on the subject. While some users have applauded the new policy for its efforts to curb fraud and corruption, others have condemned it for creating hardship and annoyance for consumers. Social media’s potential to sway attitudes and actions toward the new regulation, as well as the amount of discussion and debate it has sparked, demonstrate how it has an impact on public opinion on this topic. (thenationonlineng.net)

Public opinion has been significantly shaped by social media, and recent years have witnessed a surge in the number of people using these platforms to voice their thoughts and participate in discussions. Social media has provided a forum for citizens to voice their ideas on the subject of changing Nigeria’s policy on Naira notes. However, some people have voiced unfavorable opinions about the change in policy, citing a number of factors including a lack of confidence in the government, the hassle and expense of producing fresh notes, and the potential for counterfeiting. These unfavorable comments on social media may reduce popular acceptance of the policy. It is important for the government to address these concerns and engage with citizens to build support and understanding for the policy change. (https://tribuneonlineng.com)

The redesign of the Naira note in Nigeria has generally received good responses on social media, with many users expressing enthusiasm and support for the new look. Many individuals believe that the redesign represents growth and moderniZation in the nation and is a move in the right direction. Some people have also welcomed the new notes’ enhanced security features, which they think will contribute to lowering currency fraud and boosting currency dependability. Overall, it appears that the redesign of the Naira note has been warmly accepted by the public and is viewed as a development that would benefit the nation. Based on the background the researcher wants to investigate the assessing social media influence on the acceptability of the new naira notes policy in Nigeria. (https://tribuneonlineng.com)

Statement of the problem

The study of how social media platforms affect public opinion and comprehension of the new currency policy instituted by the Central Bank of Nigeria examines the social media influence on the acceptability of the new naira notes policy in Nigeria. It looks at how information posted on these media influences how the public views the policy and if they’re prepared to accept the new notes. The purpose of the study is to ascertain whether social media has a favorable, unfavorable, or neutral impact on the acceptance of the new naira notes policy.

Objective of the study

The aim of the study is to investigate social media influence on the acceptability of the new naira notes policy in Nigeria. The specific objectives are;

1. To investigate the positive opinion on social media on the acceptability of new naira notes policy in Nigeria
2. To investigate the negative opinion on social media on the acceptability of new naira notes policy in Nigeria
3. To investigate the reaction of social media on new naira note policy in Nigeria
4. To examines whether the information shared on social media platforms affects the general public’s perception of the policy of new naira note

Research question

The following research questions will be formulated;

1. Is there positive opinion on social media on the acceptability of new naira notes policy in Nigeria?
2. Is there negative opinion on social media on the acceptability of new naira notes policy in Nigeria?
3. What are the reactions of social media on new naira note policy in Nigeria?
4. Do information shared on social media platforms affects the general public’s perception of the policy of new naira note?

Research hypotheses

The following research hypotheses will be formulated

H0: There is no positive opinion on social media on the acceptability of new naira notes policy in Nigeria

H1: There is positive opinion on social media on the acceptability of new naira notes policy in Nigeria

H0: There is no negative opinion on social media on the acceptability of new naira notes policy in Nigeria

H2:  There is negative opinion on social media on the acceptability of new naira notes policy in Nigeria

H0: There is no reactions of social media on new naira note policy in Nigeria

H3: There are reactions of social media on new naira note policy in Nigeria

H0: Information shared on social media platforms affects do not the general public’s perception of the policy of new naira note

H3: Information shared on social media platforms affects the general public’s perception of the policy of new naira note