Main Article Content
Abstract
Due to global advancements and increasing demands for more efficient services, governments are facing pressure to deliver higher quality services at the appropriate time, which has led to currency redesigning in Nigerian banks. This study investigates the impact of currency redesigning on money deposited in Nigerian banks, with a focus on security, technological advancements, and economic stability. The research employed a survey design and targeted 1101 populations, consisting of bank staff and customers from five western states as of January 31st, 2023. Using Taro Yamane's formula, the sample size was determined to be 289, and purposive sampling was utilized to distribute the sample size proportionally between banks and customers. Primary data was collected via a well-structured questionnaire, and the results indicate that currency redesigning has a positive and significant impact on money deposited in banks. The study concludes that depositing money in banks decreases the incidence of counterfeit currency while enhancing security. It is therefore recommended that the government should place greater emphasis on currency redesigning to increase the use of new technologies and improve service delivery and processes.