Impact of the 2022 Naira Redesign Policy on the Businesses of Select Market Women in Ogbomoso Town of Oyo State, Nigeria

Background: Currency redesign policies are often implemented by governments to achieve various economic, security, and financial objectives. Such policies typically involve replacing old currency notes with newly designed ones, with the goals of combating counterfeiting, reducing inflationary pressures, promoting financial inclusion, and curbing illicit financial activities. Objective: This study examined the challenges and coping strategies of select market women in Ogbomoso town of Oyo State during the implementation of the naira redesign policy in Nigeria. Method: The study relied on primary data gathered from market women in the selected rural marketplace in the Ogbomoso area of Oyo State. A stratified sampling technique was used to select 40 traders from two big markets in Ogbomoso. The statistical methods used for the analysis include descriptive, t-statistic and Pearson regression coefficients. Result: The result indicates that a positive significant implication exists between the Naira redesign policy and practice in the rural marketplace, as many were able to recover their money from sales of goods to their account directly. Conclusion: The study concludes that despite the difficulties, market women adopted various coping mechanisms. Unique Contribution: The study fills a gap in existing literature by focusing on the intersection of monetary policy and informal market activities in Nigeria, contributing to a nuanced understanding of the socio-economic implications of currency reforms. Key Recommendation: The study recommends that a cashless policy with an emphasis on the banking system and organisational behaviour should be embarked upon if their business concern will create a drive for implementing the naira redesign policy.