INFLUENCE OF CENTRAL BANK OF NIGERIA CURRENCY RE-DESIGN AND CONSUMER ACCEPTANCE IN ENUGU METROPOLIS

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Omife, Darlington Chidera
Prof. Nebo, Gerald Nwora
Dr. Okafor, Ozoemena Christian

Abstract

The study examined Central Bank of Nigeria Currency Re-design and Consumer Acceptance in Enugu Metropolis. The specific objective includes to; ascertain the degree to which currency colour influences consumer acceptance and determine the extent to which currency paper quality influences consumer acceptance in Enugu Metropolis. A descriptive survey research design was adopted for the study. The population of the study confirmed 30 deposit money banks in Nigeria. But based on the study three (4) banks and its staff were selected to represent the entire population. Total number of sixty (60) both staff and customers were drawn from those banks 10 staff each and 10 customers each cut across the banks. The sample size of the study was 60 using judgmental and simple random sampling. Instrument used for data collection was questionnaire. The findings affirmed that automated teller machine had a significant relationship to the customer patronage of deposit money banks in Enugu Metropolis, point-of- Sales had a significant relationship to the customer patronage of deposit money banks in Enugu Metropolis and mobile banking had a significant relationship to the customer patronage of deposit money banks in Enugu Metropolis. The study concluded that all the independent variables (e-payment system) had a significant relationship to the dependent variable (customer patronage). Also, Technology has unarguably made our lives easier. It has cut across distance, space and even time. The study therefore recommends that the banks must perform more education and advertisement on electronic payments so that the Nigerian population will appreciate and use electronic products available like ATM to cash money in regular bases

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Published: Jan 17, 2025
Keywords:
Currency re-design, Consumer acceptance, Deposit money banks, electronic payment systems, Automated teller machine (ATM)
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