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Based on the results of this study, it can be said that the adoption of a currency redesign has created difficulties that have impacted how simple it is for Nigerians to conduct transactions in both Nigeria and the United Kingdom. Additionally, it has increased the cost of processing or exchanging the new currency, thus putting financial strain on people and businesses. These results are in line with a study by Amadu and Opatola (2022), which showed that currency redesign has no major economic benefits for the people and is a diversion at times of severe economic crisis.  The redesign of the currency has also resulted in needless delays in financial transactions. This shows that the currency change has had a detrimental impact on people's and enterprises' overall transactional experiences. Concern among respondents also stemmed from the redesign of the currency's broader ramifications. Due to temporary disruptions in cash-based transactions as well as temporary disruptions in international commerce and investment, the currency redesign has had an adverse economic impact on both internal and foreign parts of the economy. Thus, it can be concluded from the study's findings that the currency redesign did not have the desired effect because it did not stabilize the economy, increase public confidence, decrease currency fraud, improve the effectiveness of financial transactions, or have an impact on inflation rates or global trade. Therefore, in order to accomplish desired results and ultimately help the economy, it is imperative to thoroughly explore these currency redesign-related limits.

However, there are other studies that suggest that currency redesign can have a positive impact on an economy. For example, a study by the World Economic Forum suggests that a carefully designed Central Bank Digital Currency could result in a new payments tool with the best features of cash, digital payments and crypto¹. Another study found that currency redesign can have a significant impact on inflation and exchange rates⁴. In Nigeria, currency redesign has been used as a tool to combat inflation and stabilize the exchange rate⁴. Additionally, it is projected to strengthen financial inclusion, increase economic growth, and cut cash management expenses³.

It is important to note that previous currency redesigns have had varying impacts on economies. For example, according to Investopedia, currency fluctuations can impact merchandise trade, economic growth, capital flows, inflation and interest rates². A weaker currency can stimulate exports by making them cheaper for overseas customers to buy while making imports more expensive². On the other hand, a strong currency can exert significant drag on an economy over the long term as entire industries are rendered noncompetitive and thousands of jobs are lost².

In conclusion, while there are studies that suggest that currency redesign can have positive impacts on an economy, there are also studies that suggest otherwise. The impact of a currency redesign on an economy depends on various factors such as its design and implementation. It is important for policymakers to thoroughly explore these factors before implementing a currency redesign.