Obiegbu Chinyere Esther
Department of Banking and Finance, Federal Polytechnic, Oko. Aguata, Anambra state, Nigeria
Corresponding Author’s email: chinyeree70@gmail.com
Abstract
Nigeria as a country has experienced a lot of problems due to excessive dependence on cash for transactions and other things. Too many serious social problem have continued to exist in our society because there is always ready cash which is available to the perpetrators of these evil. The Federal government through the Central Bank of Nigeria (CBN) therefore deems it fit to introduce cashless policy as it helps to avert some of these problems in the country and help the economy to become progressive just like the other economies of the world. So, this study on cashless policy examines the effect of the policy on the Nigerian economy. There are various challenges associated with its practice, ranging from poor infrastructural facilities and difficulty in imbibing the e-payment culture due to illiteracy. Both primary and secondary data were used in this study; tables, charts and simple percentage were used in the analysis. Based on the findings, it was recommended amongst others that the quality of the telecommunication network and internet services, which are among the key facilities needed for this cashless policy, be enhanced. There should also be orientation and reorientation, as the case may be, on how to use these gadgets provided for the cashless operations.
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