Article,
E Naira Digital Currency and Financial Performance of Listed Deposit Money Banks in Nigeria
INTERNATIONAL JOURNAL OF TREND IN SCIENTIFIC RESEARCH AND DEVELOPMENT, 6 (2): 222-229 (February 2022)
Abstract
Background A digital currency is a means of payment or money that exists in a purely electronic form, issued and regulated by the nation’s monetary authority, or central bank, and backed by the government. Nigeria’s E Naira digital currency was launched as at 1st October, 2021 and will be in the digital form of Naira and be used just like cash.Aim This study was carried out to examine the relationship between E Naira Digital Currency and Financial Performance of Listed Deposit Money Banks in Nigeria. Materials and Methods The study employed survey design in the analysis. A hypothesis was formulated to guide the investigation and the statistical test of parameter estimates was conducted using Kendall’s Coefficient of Concordance. Primary data was used in the study and was obtained through questionnaire survey administered to the staff of those banks with international authorization and commercial banking license i.e Zenith Bank Plc, Access Bank Plc, UBA Plc, Union Bank Plc, Gtbank Plc, Fidelity Bank Plc, FCMB Plc and First Bank Plc within Awka Metropolis. Results Using Kendall’s Coefficient of Concordance, the findings of the study generally indicated that E Naira Digital Currency has positive and significant relationship with financial performance in the bank of industry at 1 significant level. Conclusion The study concludes that the adoption of Central Bank Digital Currency CBDC has significant relationship with financial performance of listed deposit money banks in Nigeria. Recommendation Hence, the study suggests that monetary authorities and deposit money banks should enlighten their customers on the benefits and importance of using E Naira Digital Currency as it reduces the cost of processing cash, improves the availability and usability of Central Bank money and also increases the revenue generation of the nation. The study contributed to knowledge by introducing a new variable E Naira Digital Currency and also updated literature on the subject. Obiora Fabian. | Omaliko Emeka | Okeke Chinenye, J "E-Naira Digital Currency and Financial Performance of Listed Deposit Money Banks in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-2 , February 2022, URL: https://www.ijtsrd.com/papers/ijtsrd49206.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/49206/enaira-digital-currency-and-financial-performance-of-listed-deposit-money-banks-in-nigeria/obiora-fabian
