Currency Redesign and Business Performance of Selected Small-Scale Businesses in Edo State

The study was to examine currency redesign and business performance of selected small-scale businesses in Edo State. The study adopted a survey research approach in which primary data were collected from respondents using questionnaires administered to all managers and owners of selected small-scale businesses in Edo State, with a population of 799. Secondary data were obtained from the Corporate Affairs Commission, Benin City. Due to the large size of the population, the Taro Yamane formula was used to determine the sample size of 267.

However, out of the 267 copies of questionnaires administered, 250 were retrieved and used for analysis, representing a 93% response rate. Simple regression was used to test the formulated hypotheses in line with the objectives of the study, and the results led to the rejection of the null hypotheses, showing that currency redesign significantly affects the performance of small-scale businesses in Edo State.

The study concluded that currency redesign, particularly in terms of security enhancement and technology integration, increases the business performance of small-scale businesses through queuing time reduction and improved efficiency. The study therefore recommends that managers should develop acceptable, transparent, and workable financial policies that can reduce queuing time, such as the decentralization of activities and the adoption of online transactions, in order to improve the performance of small-scale businesses.