ASSESSING SOCIAL MEDIA INFLUENCE ON THE ACCEPTABILITY OF THE NEW NAIRA NOTES POLICY IN NIGERIA

Abstract

This study was on assessing social media influence on the acceptability of the new naira notes policy in Nigeria. Four objectives were raised which included: To investigate the positive opinion on social media on the acceptability of new naira notes policy in Nigeria, to investigate the negative opinion on social media on the acceptability of new naira notes policy in Nigeria, to investigate the reaction of social media on new naira note policy in Nigeria and to examines whether the information shared on social media platforms affects the general public’s perception of the policy of new naira note. The total population for the study is 75 selected residents in Ikorodu, Lagos state. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. The data collected were presented in tables and analyzed using simple percentages and frequencies. The study concluded that social media plays a significant role in shaping public opinion and influencing policy acceptability in Nigeria. The assessment of social media influence on the acceptability of the new Naira notes policy indicates that social media platforms were instrumental in shaping public perceptions of the policy, and ultimately, its acceptability. The study also recommended that Policymakers should leverage social media platforms to engage citizens and gather feedback on policy issues. This will ensure that policies are tailored to meet the needs and expectations of citizens, and improve their acceptability.

Chapter one

Introduction

Background of the study

Social media refers to online platforms and technologies that allow people to create, share, and interact with content and each other. Examples of social media platforms include Facebook, Twitter, Instagram, LinkedIn, and YouTube, among others. (Kietzmann, et al, 2011)

Social media has become an integral part of many people’s daily lives, as it provides a way to connect with friends and family, share information and experiences, and discover new ideas and perspectives. It has also become an important tool for businesses and organizations to promote their brand, communicate with customers, and gather insights about their target audience (TESELIOS & Mihaela, 2018)

However, social media has also been criticized for its negative effects on mental health, as well as its potential to spread misinformation and amplify divisive content. As with any technology, it can be both a powerful tool and a potential source of harm, depending on how it is used (Pantic, et al, 2012)

Social media has become a powerful tool in shaping the acceptability of various societal norms and values. With the proliferation of social media platforms such as Facebook, Twitter, Instagram, and TikTok, individuals are increasingly turning to these platforms to express their opinions and share their views on a wide range of issues. As a result, social media has become a significant force in shaping public opinion and influencing the acceptability of various social norms and behaviors (Paluck et al, 2010)

One of the ways in which social media has influenced the acceptability of certain behaviors is by providing a platform for marginalized groups to express themselves and demand equal treatment. Social media has given a voice to individuals who may have previously been ignored or silenced by mainstream media, allowing them to share their experiences and raise awareness about issues that affect them. As a result, social media has helped to increase the acceptability of previously stigmatized behaviors such as same-sex relationships, gender nonconformity, and mental health struggles. However, social media can also have negative effects on the acceptability of certain behaviors. For example, social media can promote unrealistic beauty standards and perpetuate harmful stereotypes about certain groups of people. In addition, social media can create echo chambers where individuals are only exposed to information that confirms their existing beliefs and biases, leading to increased polarization and intolerance.

Overall, social media is a powerful tool that can both positively and negatively influence the acceptability of various behaviors and societal norms. It is important for individuals to be aware of the potential impact of social media on their beliefs and values and to critically evaluate the information they encounter on these platforms. By doing so, we can work towards creating a more inclusive and accepting society for all (Chiou, et al, 2013)

The redesign of Nigerian Naira banknotes may benefit the economy in a number of ways. First of all, it might improve the currency’s general aesthetic appeal, raising its value and perceived worth both domestically and outside. Second, the redesign procedure might enhance the notes’ security characteristics, lowering the possibility of counterfeiting and perhaps boosting public confidence in the money. Thirdly, the redesigned design might foster a greater sense of national pride and identification among the populace, encouraging the usage of the naira as a means of exchange and promoting economic stability (thenationonlineng.net)

It is crucial to remember that the effect of revamping the currency will rely on a number of variables, including how well the change is implemented and the status of the economy as a whole. The redesign of the Naira notes should ultimately be a component of a larger economic improvement strategy, and its success will be determined by its capacity to promote economic stability and progress (thenationonlineng.net)

Social media has played a significant role in shaping public opinion on the acceptability of the new naira notes policy in Nigeria. Through platforms such as Twitter, Facebook, and Instagram, individuals have been able to share their thoughts, opinions, and experiences with the new policy. This has created a virtual public sphere where people can discuss and exchange ideas on the topic. Some users have praised the new policy for its efforts to reduce corruption and counterfeiting, while others have criticized it for causing inconvenience and economic hardship. The influence of social media on public opinion on this issue can be seen in the widespread discussion and debate it has generated, and its ability to shape attitudes and behaviors towards the new policy (thenationonlineng.net)

 Social media has played a significant role in shaping public opinion and it can be seen that the use of social media platforms to express opinions and engage in discussions has increased in recent years. When it comes to the topic of redesigning Naira notes policy in Nigeria, social media has been a platform for citizens to express their opinions. However, some people have expressed negative views about the policy change, citing various reasons such as lack of trust in the government, inconvenience and cost of printing new notes, and the possibility of counterfeiting. These negative opinions on social media can affect the acceptability of the policy among the general public. It is important for the government to address these concerns and engage with citizens to build support and understanding for the policy change. (https://tribuneonlineng.com)

In general, social media reactions to the redesign of the Naira note in Nigeria have been positive, with many people expressing excitement and support for the new design. Many people feel that the redesign is a step in the right direction for the country, and a symbol of progress and modernization. Some people have also praised the improved security features of the new notes, which they believe will help to reduce counterfeiting and increase the reliability of the currency. Overall, the redesign of the Naira note seems to have been well received by the public and is seen as a positive development for the country. Based on the background the researcher wants to investigate the assessing social media influence on the acceptability of the new naira notes policy in Nigeria. (https://tribuneonlineng.com)

Statement of the problem

The social media influence on the acceptability of the new naira notes policy in Nigeria is the investigation into how social media platforms impact public opinion and understanding of the new currency policy introduced by the Central Bank of Nigeria. It examines how the information shared on these platforms affects the general public’s perception of the policy and their willingness to accept the new notes. The study aims to determine if social media has a positive, negative or neutral effect on the acceptability of the new naira notes policy.

Objective of the study

The aim of the study is to investigate social media influence on the acceptability of the new naira notes policy in Nigeria. The specific objectives are;

1. To investigate the positive opinion on social media on the acceptability of new naira notes policy in Nigeria
2. To investigate the negative opinion on social media on the acceptability of new naira notes policy in Nigeria
3. To investigate the reaction of social media on new naira note policy in Nigeria
4.  To examines whether the information shared on social media platforms affects the general public’s perception of the policy of new naira note

Research question

The following research questions will be formulated;

1. Is there positive opinion on social media on the acceptability of new naira notes policy in Nigeria?
2. Is there negative opinion on social media on the acceptability of new naira notes policy in Nigeria?
3. What are the reactions of social media on new naira note policy in Nigeria?
4.  Do information shared on social media platforms affects the general public’s perception of the policy of new naira note?

Research hypotheses

The following research hypotheses will be formulated

H0: There is no positive opinion on social media on the acceptability of new naira notes policy in Nigeria

H1: There is positive opinion on social media on the acceptability of new naira notes policy in Nigeria

H0: There is no negative opinion on sociall media on the acceptability of new naira notes policy in Nigeria

H2:  There is negative opinion on sociall media on the acceptability of new naira notes policy in Nigeria

H0: There is no reactions of social media on new naira note policy in Nigeria

H3: There are reactions of social media on new naira note policy in Nigeria

H0: Information shared on social media platforms affects do not nthe general public’s perception of the policy of new naira note

H4: Information shared on social media platforms affects the general public’s perception of the policy of new naira note

 Significance of the study

The following findings will be significant:

Understanding the role of social media: The study will provide insights into the extent to which social media platforms such as Twitter, Facebook, and Instagram influence public opinion and decision-making processes in Nigeria. This understanding can help policymakers and stakeholders in Nigeria to leverage social media platforms for positive change and mitigate the negative impact of social media on public opinion.

Enhancing policy acceptance: The study can provide insights into the factors that influence the acceptance or rejection of new policies by the Nigerian public. By understanding the factors that influence public opinion, policymakers can design policies that are more likely to be accepted and implemented effectively.

Enhancing financial literacy: The study can also enhance financial literacy in Nigeria by providing information about the new Naira notes policy and educating the public on the benefits and potential drawbacks of the policy. This can help to improve financial literacy in Nigeria, which is critical for economic growth and development.

Strengthening democracy: By providing insights into the role of social media in shaping public opinion, the study can also help to strengthen democracy in Nigeria. A better understanding of how social media influences public opinion can help policymakers to engage with the public more effectively and design policies that are more responsive to the needs and aspirations of the Nigerian people.

Scope of the study

The study will cover assessing social media influence on the acceptability of the new naira notes policy in Nigeria. The study will be limited to residents in Ikorodu Local government area of Lagos state

Definitinon of terms

Social media: Social media is a collective term for websites and applications that focus on communication, community-based input, interaction, content-sharing and collaboration. People use social media to stay in touch and interact with friends, family and various communities.

Acceptability: Acceptability is the characteristic of a thing being subject to acceptance for some purpose. A thing is acceptable if it is sufficient to serve the purpose for which it is provided, even if it is far less usable for this purpose than the ideal example

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