THE EFFECT OF CRYPTO CURRENCIES ON THE VALUE OF THE NIGERIAN NAIRA
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- NGN 3000
ABSTARCT
This study was carried out on the effect of cryptocurrencies on the value of the Nigeria Naira. To achieve this, 6 significant research objectives were formulated. The survey design was adopted and the simple random sampling techniques were employed in this study. The population size comprise of staff of First Bank Plc. branches in Gwarinkpa, Abuja, FCT of Nigeria. In determining the sample size, the researcher conveniently selected 70 respondents while 55 were received and 50 were validated. Self-constructed and validated questionnaire was used for data collection. The collected and validated questionnaires were analyzed using frequency tables and percentage. The result of the findings reveals that cryptocurrencies can serve as a control variable to currency value of Nigeria. The findings also revealed that the efficiency of monetary policy does have a significant effect on Nigeria Naira. Furthermore, the study showed that cryptocurrency have a significant impact on the value of Nigeria Naira. In regard to the findings, the study recommends that central Bank of Nigeria should always monitor the economic situation of the society before knowing the direction the cryptocurrency will follow. Also balance of payment should always be checked so as known how to apply the cryptocurrency, and financial institutions should always be monitored by government through Central Bank in order to make their operations effective.
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