Nigerian currency redesign policy of 2023: impact on animal agriculture

Abstract

Nigerian government has launched numerous policies and programs throughout the past few decades to promote national development. Redesigning of currency is still a component of the Central Bank of Nigeria's monetary policy initiatives, which are intended to discourage certain financial crimes such as hoarding of currency and counterfeiting, among others, and to reinforce the institution's sovereignty. Therefore, the purpose of the paper is on the Naira redesign policy and its effect on livestock farmers’ activities. The paper also followed descriptive research approach by reviewing the existing literature concerning the topic sentence on the latest issues relating to the 2023 Naira redesign policy. Limited access to cash and poor livestock yield were among the negative impacts of 2023 Naira redesign policy. Intended outcomes of any policy will inevitably be impacted by inconsistencies in their execution. Thus, policies should be implemented to overcome anticipated challenges that could compromise the accomplishment of goals and objectives. The article recommends that in future policy implementation, the livestock production sector should be strongly considered by Nigerian government, which should create the necessary awareness needed before enforcing deadlines on this type of policy.