NIGERIA’S ENAIRA, THE REPUDIATED CURRENCY
Abstract - On 25 October 2021 the CBN (Central Bank of Nigeria) unveiled the new eNaira and instructed the populace to turn in high-denominated banknotes to their banks, with the promise of receiving new bills. The Nigerian people complied, however, the new banknotes were not adequately supplied to meet populace demand. The ensuing expression of outrage at the CBN’s new socioeconomic monetary policy resulted in large portions of the Nigerian society not having access to their primary medium of exchange, cash. This research reviews the applicable literature to examine the effectiveness of the Nigerian government’s implementation of social-economic monetary policy and the repudiation of the policy which spurred a rise in nationalism by the Nigerian populace. This inquiry leverages traditional social science theories of SIT (Social Identity Theory) and Rational Actor Theory, coupled with Monetary Theories to address the question of why the Nigerian government’s implementation of the eNaira spurred the rise of social-economic nationalism in Nigeria (2021). The findings suggest that the rejection of the eNaira by the Nigerian populace may indicate that the governed viewed the actions of the government as an infringement upon their social economic livelihood, and thereby a breach of the established social contract.Not having the affluence of the elite, the populace sought to express their disagreement with the policies of the government, by collectively rejecting the implementation of the eNaira, as a demonstration of social economic nationalism.
Keywords - Technology, Currency, Psychology, Sociology, Nationalism.