Python matplotlib segmentation fault: 11 macOS Big Sur

I recently updated macOS to Big Sur and while working on a Python project on PyCharm I got the below error,

Segmentation fault: 11

After trying what all I could, the reason for this was the matplotlib module, I had to uninstall and reinstall the module and it worked.

Steps to resolve Segmentation fault error:

1. Go to macOS Terminal,
2. Type $ pip uninstall matplotlib,
3. After installation, re-install the library: $ pip install matplotlib