Currency redesign is not a novel concept and has been implemented in various countries throughout history. Its earliest instance dates back to ancient Greece, with more recent occurrences in countries such as Brazil, the United States, Botswana, and Turkey. In Nigeria, the most recent currency redesign took place in 2022. While the intent of this monetary policy was positive, it resulted in unintended consequences, particularly for small-scale businesses. Despite existing research on the broader impact of the Naira redesign on small-scale enterprises in Nigeria, there is a lack of a focused study on its effects in Bosso Local Government Area (LGA) of Niger State, a known hub for small businesses. This paper investigates the impact of the Naira redesign on small-scale businesses in Bosso LGA. Primary data were collected through oral interviews and online archives, while secondary sources included journal articles, newspapers, books, and theses. Findings indicate that the Naira redesign disrupted the flow of business capital, increased the cost of goods, and led to reduced sales and supply chain interruptions, thereby hampering economic and social development. The study recommends increased communication, better publicity and awareness, extended implementation periods, flexibility in policy enforcement, and greater collaboration with stakeholders to improve future currency redesign initiatives.
Zebulon et al. (Mon,) studied this question.