The Mental Health Impact of Nigeria's Re-designed Currency on the Citizens: A Historical Analysis

Abstract

This study examined the psychological effects of the recent Nigerian currency re-design. Nigerians had terrifying experiences when the Central Bank banned more extensive denomination naira notes in January and released inadequate, re-designed ones. Everyone was at risk due to the lack of naira, even those who did not have a mental illness, which led to the full development of mental illness in those who were. In Nigeria, where the economy is still recovering from the COVID-19 pandemic, people are still fighting to make ends meet and start new businesses. The study design is Historical Analysis, relying more on secondary data, while the theory of change is the theoretical framework that guided the study. The absence of a new currency emerged out of nowhere as the elections approached. The situation has already caused stress for the residents. This study shows a direct link between mental health problems and financial difficulties resulting from Nigeria's currency reform. This study demonstrates a strong correlation between mental health issues and economic hardships brought on by Nigeria's currency re-design. Government policies are critical in the promotion of mental health and the prevention of mental illness.