Public Trust in Perception of Economic Policies: A Study of Responses of Nigerians to the 2023 CBN Naira Redesign Policy

People’s understanding and response to economic policy are greatly influenced by public trust, especially in circumstances characterised by institutional cynicism and economic uncertainty. Despite being adopted to address monetary challenges such as currency management and inflation control, the Central Bank of Nigeria’s 2023 Naira redesign strategy elicited mixed, contradictory public responses. This study focused on how people’s views of the policy’s political purpose, economic objectives, and perceived economic impact were influenced by public trust. A sample size of 400 respondents was determined using Taro Yamane’s method, and 395 legitimate responses were examined. A systematic questionnaire was used to gather data, and descriptive statistics such as weighted mean scores, percentages, and frequencies were used for analysis. Because 64.3% of respondents thought the policy was politically driven, the results showed significant institutional distrust. The economic goal of the programme was also poorly understood, with 54.2% of respondents believing that it helped control inflation and 45.8% disagreeing. Opinions on the policy’s need were virtually evenly divided (50.1% vs 49.9%), while perceptions of its economic impact were similarly split (50.9% versus 49.1%). These results implied that views of the programme were greatly influenced by low public trust, with lived economic realities and doubts about government intentions surpassing formal policy communication. The study suggested that public trust is crucial to how individuals view economic reforms and that poor trust might harm policy aims. It suggested that the CBN and related policymakers restore institutional credibility by clear, consistent, and responsive communication while supporting broader public involvement to rebuild confidence and improve policy adoption.