VI Editor Error : Unable to open VIM Editor --> Library not loaded: /usr/local/opt/ruby/lib/libruby.3.1.dylib

After Mac software updates on MacOs Monterey received the error while opening files in Vi Editor.

Received the error below running on terminal:-

dyld: Library not loaded: /usr/local/opt/ruby/lib/libruby.3.1.dylib
  Referenced from: /usr/local/bin/vi
  Reason: image not found
Abort trap: 6

What should be done in order for Vi editor to work again?