Economic Effects of Central Bank of Nigeria Currency Redesign 2022/2023: A Case Study of Edo State

The main objectives of currency redesign of 2022/2023 according to Central Bank of Nigeria (CBN) was to attain certain goals, such as combat counterfeiting, manage inflation, enhance banknote security, reduce hoarding and deepening cashless policy.However, these objectives which were supposed to have positive effects and strengthen the economy seem to have a reverse effect on the same.This study critically x-rayed the economic effects of Central Bank of Nigeria (CBN) currency redesign policy of 2022/2023 using Edo State as a case study.The use of questionnaires was adopted in data collection and regression analysis was used to analyze the data.The findings of the study show that redesigning currency is just one of the ways to achieve some of the objectives mentioned earlier.The study recommends harmonization and juxtaposition of both monetary and fiscal policies, mobilization focus on pegging the exchange rate of dollar to naira, amongst others, to have a stable and robust economy.