MODELING STOCHASTIC ADVERSE EFFECTS OF CBN 2023 REDESIGNED NAIRA NOTES POLICY ON RURAL FARMERS IN NIGERIA
The recent Central Bank of Nigeria (CBN) 2023 redesigned naira notes is of good benefits to strengthen the economy of the country by checking counterfeiting and hoarding of large volume of banknotes by the public. Despite all the efforts made by the CBN for citizens to enjoy the benefits of this imp...
Saved in:
| Main Authors: | , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Universitas Pattimura
2024-05-01
|
| Series: | Barekeng |
| Subjects: | |
| Online Access: | https://ojs3.unpatti.ac.id/index.php/barekeng/article/view/9441 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| _version_ | 1849407985012441088 |
|---|---|
| author | Bright Okore Osu Chigozie Chibuisi Edikan Edem Akpanibah |
| author_facet | Bright Okore Osu Chigozie Chibuisi Edikan Edem Akpanibah |
| author_sort | Bright Okore Osu |
| collection | DOAJ |
| description | The recent Central Bank of Nigeria (CBN) 2023 redesigned naira notes is of good benefits to strengthen the economy of the country by checking counterfeiting and hoarding of large volume of banknotes by the public. Despite all the efforts made by the CBN for citizens to enjoy the benefits of this implementation, most rural farmers were faced with adverse effects of uncertainties in the production and marketing of their agricultural produce due to lack of redesigned new naira notes in circulation. The adverse effects of these uncertainties are modeled as Advanced Stochastic Time-Delay Differential Equation (ASTDDE). The modeled equation is solved using Extended Second Derivative Block Backward Differentiation Formulae Method (ESDBBDFM) without the use of interpolation techniques in the evaluations of the delay term and noise term. In comparing the numerical results of this method with other existing methods in literature, the newly developed mathematical expressions for the evaluations of the delay term and the noise term in solving ASDDEs with the discrete schemes of ESDBBDFM gives better results for step number than step numbers and 3 by producing Least Minimum Absolute Random Error (LMARE) in a Lower Computational Processing Unit Time (LCPUT) faster than other existing methods that applied interpolation techniques in evaluations of the delay term and the noise term. |
| format | Article |
| id | doaj-art-3169203d12134fd082e503ac5bcea9f4 |
| institution | Kabale University |
| issn | 1978-7227 2615-3017 |
| language | English |
| publishDate | 2024-05-01 |
| publisher | Universitas Pattimura |
| record_format | Article |
| series | Barekeng |
| spelling | doaj-art-3169203d12134fd082e503ac5bcea9f42025-08-20T03:35:54ZengUniversitas PattimuraBarekeng1978-72272615-30172024-05-011820681069410.30598/barekengvol18iss2pp0681-06949441MODELING STOCHASTIC ADVERSE EFFECTS OF CBN 2023 REDESIGNED NAIRA NOTES POLICY ON RURAL FARMERS IN NIGERIABright Okore Osu0Chigozie Chibuisi1Edikan Edem Akpanibah2Department of Mathematics, Faculty of Physical Sciences, Abia State University, NigeriaDepartment of Insurance, Faculty of Management Sciences, University of Jos, NigeriaDepartment of Mathematics, Faculty of Sciences, Federal University Otuoke, NigeriaThe recent Central Bank of Nigeria (CBN) 2023 redesigned naira notes is of good benefits to strengthen the economy of the country by checking counterfeiting and hoarding of large volume of banknotes by the public. Despite all the efforts made by the CBN for citizens to enjoy the benefits of this implementation, most rural farmers were faced with adverse effects of uncertainties in the production and marketing of their agricultural produce due to lack of redesigned new naira notes in circulation. The adverse effects of these uncertainties are modeled as Advanced Stochastic Time-Delay Differential Equation (ASTDDE). The modeled equation is solved using Extended Second Derivative Block Backward Differentiation Formulae Method (ESDBBDFM) without the use of interpolation techniques in the evaluations of the delay term and noise term. In comparing the numerical results of this method with other existing methods in literature, the newly developed mathematical expressions for the evaluations of the delay term and the noise term in solving ASDDEs with the discrete schemes of ESDBBDFM gives better results for step number than step numbers and 3 by producing Least Minimum Absolute Random Error (LMARE) in a Lower Computational Processing Unit Time (LCPUT) faster than other existing methods that applied interpolation techniques in evaluations of the delay term and the noise term.https://ojs3.unpatti.ac.id/index.php/barekeng/article/view/9441advanced stochastic time-delay differential equationextended second derivative block backward differentiation formulae methodabsolute random errorcentral bank of nigeriafarmersnigerian banks |
| spellingShingle | Bright Okore Osu Chigozie Chibuisi Edikan Edem Akpanibah MODELING STOCHASTIC ADVERSE EFFECTS OF CBN 2023 REDESIGNED NAIRA NOTES POLICY ON RURAL FARMERS IN NIGERIA Barekeng advanced stochastic time-delay differential equation extended second derivative block backward differentiation formulae method absolute random error central bank of nigeria farmers nigerian banks |
| title | MODELING STOCHASTIC ADVERSE EFFECTS OF CBN 2023 REDESIGNED NAIRA NOTES POLICY ON RURAL FARMERS IN NIGERIA |
| title_full | MODELING STOCHASTIC ADVERSE EFFECTS OF CBN 2023 REDESIGNED NAIRA NOTES POLICY ON RURAL FARMERS IN NIGERIA |
| title_fullStr | MODELING STOCHASTIC ADVERSE EFFECTS OF CBN 2023 REDESIGNED NAIRA NOTES POLICY ON RURAL FARMERS IN NIGERIA |
| title_full_unstemmed | MODELING STOCHASTIC ADVERSE EFFECTS OF CBN 2023 REDESIGNED NAIRA NOTES POLICY ON RURAL FARMERS IN NIGERIA |
| title_short | MODELING STOCHASTIC ADVERSE EFFECTS OF CBN 2023 REDESIGNED NAIRA NOTES POLICY ON RURAL FARMERS IN NIGERIA |
| title_sort | modeling stochastic adverse effects of cbn 2023 redesigned naira notes policy on rural farmers in nigeria |
| topic | advanced stochastic time-delay differential equation extended second derivative block backward differentiation formulae method absolute random error central bank of nigeria farmers nigerian banks |
| url | https://ojs3.unpatti.ac.id/index.php/barekeng/article/view/9441 |
| work_keys_str_mv | AT brightokoreosu modelingstochasticadverseeffectsofcbn2023redesignednairanotespolicyonruralfarmersinnigeria AT chigoziechibuisi modelingstochasticadverseeffectsofcbn2023redesignednairanotespolicyonruralfarmersinnigeria AT edikanedemakpanibah modelingstochasticadverseeffectsofcbn2023redesignednairanotespolicyonruralfarmersinnigeria |