Abstract

This study presents a comparative assessment of the attitudes, perceptions, and the perceived impacts of the Central Bank of Nigeria’s (CBN) naira redesign and old currency swap policy among residents in Nigeria, with particular attention to gender differences and socio-demographic influences. Utilizing a descriptive research survey design, data were collected from 486 respondents-comprising 200 males and 286 females-across various socio-demographic backgrounds. The study was guided by four objectives: to examine and compare male and female attitudes toward the naira swap; to analyze gender-based differences in perception during the intense period of implementation; to assess the differential impacts of the policy on both genders; and to investigate the relationship between socio-demographic variables and the triad of attitude, perception, and Public Health Impact. Results revealed significant gender differences in attitudes toward the naira swap. Male respondents exhibited more favorable attitudes (Mean = 2.08, SD = 0.86) compared to females (Mean = 1.81, SD = 0.79), with a statistically significant difference (t = 4.23, p<0.050). Perceptions of the policy, however, did not significantly differ by gender (t = -0.26, p>0.050), and both groups expressed general skepticism about the policy’s sustainability and effectiveness. Likewise, there was no significant gender difference in the perceived impact of the naira swap (t = 0.29, p = 0.77); both males (Mean = 2.82, SD =0.79) and females (Mean = 2.81, SD =0.79) reported substantial economic hardship, difficulty in accessing cash, and disruption of business activities due to the policy. Correlation analyses showed that attitudes were significantly associated with several socio-demographic variables: age (r = 0.18, p <0.050), gender (r = -0.19, p< 0.050), marital status (r = 0.12, p< 0.050), and family size (r = -0.09, p< 0.050). However, perception and impact of the policy were not significantly correlated with any socio-demographic variables, suggesting a relatively uniform experience and perception of the policy’s outcomes across different population segments. In conclusion, economic policy affects population outcomes and different socio-economic survival strategies such as cashless system, buying of new naira notes were reported in this study. While attitudes toward the naira swap policy varied significantly based on gender and personal characteristics, the perceptions and impacts were widely shared among residents. The findings highlight the need for evidence-based, inclusive and phased monetary policy implementation, with special consideration for gender dynamics, financial infrastructure readiness, and effective communication strategies to mitigate unintended socio-economic and public health consequences in future currency reforms in Nigeria.

Keywords

Naira swap, monetary policy, central bank of Nigeria, gender differences, public perception, public health implications, swift currency redesign