Vahyala, A.T.

Itanyi, J. O.

Abstract

The Central Bank of Nigeria's (CBN) tripartite policy (Naira re-design, swap, and withdrawal policies) tilting towards cashless policy implementation came with a huge economic cost to Nigerians, especially small-scale business enterprises and unbanked and underbanked rural dwellers in Nigeria. Over a long time, the policies attracted a lot of criticism and overheated the already tense political atmosphere of the country. In light of the above, this paper examined the policies with the view of appraising their impact, experience, and perceptions of business owners and politicians on policy formulation and implementation. The paper also sought to know whether the policies are capable of curbing inflation and firming up the naira, as part of other reasons for its introduction by the CBN. The study adopted primary and secondary data collection sources, using study chat (SC) in place of focus group discussions (FGDs). Purposive sampling techniques were adopted, while thematic content analysis (TCA) was used as a tool for data analysis. The paper discovered that the formulation and implementation of the tripartite policies were insensitive to the current economic realities of Nigerians, and the policies grossly failed to meet standard public policy implementation ideals. The study, amongst other things, recommended that synergy with policy-making agencies like the National Institute of Policy and Strategic Studies (NIPSS), relevant civil society organisations (CSOs), community leaders, trade and labour unions, telecommunication companies, media, and traditional and religious institutions is key to successful policy craft and implementation.

   

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Published: 2024

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