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E-Naira Digital Currency and Financial Performance of Listed Deposit Money Banks in Nigeria

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E-Naira Digital Currency and Financial Performance of Listed Deposit Money Banks in Nigeria


Obiora Fabian. | Omaliko Emeka | Okeke Chinenye, J



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, pp.222-229, URL: https://www.ijtsrd.com/papers/ijtsrd49206.pdf

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.

E-Naira Digital Currency, Financial Performance, Deposit Money Banks


IJTSRD49206
Volume-6 | Issue-2, February 2022
222-229
IJTSRD | www.ijtsrd.com | E-ISSN 2456-6470
Copyright © 2019 by author(s) and International Journal of Trend in Scientific Research and Development Journal. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (CC BY 4.0) (http://creativecommons.org/licenses/by/4.0)

International Journal of Trend in Scientific Research and Development - IJTSRD having online ISSN 2456-6470. IJTSRD is a leading Open Access, Peer-Reviewed International Journal which provides rapid publication of your research articles and aims to promote the theory and practice along with knowledge sharing between researchers, developers, engineers, students, and practitioners working in and around the world in many areas like Sciences, Technology, Innovation, Engineering, Agriculture, Management and many more and it is recommended by all Universities, review articles and short communications in all subjects. IJTSRD running an International Journal who are proving quality publication of peer reviewed and refereed international journals from diverse fields that emphasizes new research, development and their applications. IJTSRD provides an online access to exchange your research work, technical notes & surveying results among professionals throughout the world in e-journals. IJTSRD is a fastest growing and dynamic professional organization. The aim of this organization is to provide access not only to world class research resources, but through its professionals aim to bring in a significant transformation in the real of open access journals and online publishing.

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