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Socioeconomic Factors Sustaining Illicit Trading in New Naira Notes in Ibadan, Nigeria

Socioeconomic Factors Sustaining Illicit Trading in New Naira Notes in Ibadan, Nigeria

 

Abstract: Illicit trading in new naira notes is a common practice in Nigeria despite the Central Bank’s Act of 2007 proscribing all forms of naira abuse. This study investigated the social organization of illicit trading in new naira notes, and the socio-economic factors sustaining it in Ibadan, Nigeria. The study was exploratory and cross-sectional in design. The neutralization theory was adopted as the theoretical framework. Data was generated through the combination of in-depth interview and key informant interview methods. The purposive sampling technique was utilized to select five illicit traders of new naira notes, 32 of their patrons and six bank officials. Findings revealed that the norm of cash spraying at social events is the major factor sustaining the illicit markets for new naira notes in Ibadan. Also, a chain of network comprising three principal actors is behind the illicit business. A strict enforcement of the law banning cash spraying is advocated as a means of arresting this phenomenon.

JEL classification: F22, J15, J61

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