Responses, Reactions and Implications of the 2022 Currency Redesign and Scarcity on the Nigeria Economy
- Olasupo Olakunle Thompson
- Ridwan Tosho Idris
- Olugbenga Seun Aina
- James Sanmi Adekola
- Abiodun N. Raheem
- Surajudeen Oladotun Oladele
- ( paper pages. 57 - 84 )
Abstract
This article investigated the responses, reactions and implications of the 2022 currency redesign and
scarcity on Nigeria’s economy. The study adopted the qualitative approach, drawing
on data from participant observations, literature, newspapers, and social
media. Primary and secondary data included newspaper reports, social media
commentaries, and author observations from Lagos, Ogun, Kwara, and Osun states.
Grounded in the implementation gap framework, findings revealed that the
policy’s rushed and poorly-managed execution compromised election integrity,
strained social relations, caused adverse health effects, and disrupted the informal
economy, particularly small and medium-scale enterprises. Despite noble
intentions, the naira redesign exposed flaws in Nigeria’s policy formulation
and implementation. The study recommends greater inclusivity, stakeholder
engagement, phased implementation, and feasibility.
Citation
Olasupo Olakunle Thompson, Ridwan Tosho Idris, Olugbenga Seun Aina, James Sanmi Adekola, Abiodun N. Raheem, Surajudeen Oladotun Oladele.
2025.
"Responses, Reactions and Implications of the 2022 Currency Redesign and Scarcity on the Nigeria Economy"
The Nigerian Journal of Economic and Social Studies,
67 (1): 57 - 84.
JEL Classification
E5, E62, I10, O1, O2
