Challenges in the public relations strategies of CBN during the implementation of its Naira redesign policy in Nigeria

Communication is a critical aspect of concerted efforts to manage any crisis. Leaving out communication or not applying the right strategies in crisis management may prove to have negative consequences. The Naira redesign policy of Nigeria’s central bank was designed to withdraw old notes from circulation, and its implementation was accompanied by untold hardship arising from the scarcity of both old and new notes, as well as fuel scarcity and a rising cost of essentials. Accordingly, the apex bank was expected to leverage PR strategies to engage the Nigerian public. Despite the bank's communication, there was outrage among the public. Therefore, this study was conducted to ascertain the challenges faced by the bank in its use of PR strategies during the implementation of its policy. The researcher relied on focus group discussions conducted within a period of six =6= months. Three sessions were conducted with each of the sessions seeing six =6= participants, making a total of eighteen =18= individuals taking part. Findings of the study show that media, influencer, and inclusivity PR were utilised as part of efforts to engage the public during the policy implementation phase. However, challenges faced in the process stemmed from the hardship caused by the policy and information overload. Nigerians were faced with a scarcity of old and new notes in an economy that is largely cash-based. The researcher concluded that, though there was active communication during the period, there was an insignificant effect due to many factors, including information overload and hardship. The recommendation is that the bank must ensure that policy formulation and implementation are championed by the public.