Socio-Economic and Political Implications of Currency Redesign In Nigeria

The need to strengthen domestic currency purchasing power and guide against counterfeiting calls for periodic redesigning of the local legal tender by Central Banks of the concerned nation to achieve the overall macroeconomic objectives. This study examined the influence of the 2023 CBN monetary policy of naira redesign on the socio-economic and political landscape in Nigeria. The study employed content analysis to analyze the views of the respondents towards the structured questionnaire. The results indicated that the naira redesign policy in Nigeria was more effective in terms of political landscape than any other objectives adopted in the research (especially during the 2023 general election which shows a significant reduction in vote buying and gave chances to people’s choice to some extent). In addition, the policy hasn’t successfully and efficiently addressed the targeted aims of the CBN in the area of strengthening the naira value, reducing inflation, increasing the well-being of the citizens, and socio-economic improvement, rather it aggravates the burden on the citizenry. It therefore recommends that monetary policy implementation be carried out with proper consideration of societal peculiarities