Abstract
Prior to this time, Nigeria economy was largely described as cash and paper based economy with significant proportion of the narrow money stock in form of currency outside the banking system. In a bid to drive national development, modernization of payment system and to limit the practice of the use of cash in business transaction in line with the global economy, the Central Bank of Nigeria introduced the cashless policy in January 2012 as a pilot scheme in Lagos. Since the declaration of cashless policy, there has been controversy in the academia with respect to the effects on national development some scholars believes it benefits outweigh it challenges and vice versa. Based on this therefore, this study seeks to assess the effects of cashless economy policy on national development in Nigeria. The study reveals cashless policy has promoted effective and improved monetary policy, efficient and fast payment system, job creations and increased technological infrastructures. The study suggests that government should promote efforts that will encourage cashless policy in Nigeria.
Highlights
The Nigerian economy prior to this period was largely described as a cash-based and paper based economy with significant proportion of the narrow money stock in the form of currency outside the banking system (Kama & Adigun, 2013)
Following the trend in global economy where the practice of limited use of physical cash in transacting businesses is prevalent due to several adduced reasons which include the costs of printing currency and that of the life span of such currencies that always need reprinting at other times
Nigeria as an economy is traditionally characterized by various forms of economic crimes such as money laundering, illegal financial activity, and out-of-control inflation and leakages regarding the total stock of money issued
Summary
The Nigerian economy prior to this period was largely described as a cash-based and paper based economy with significant proportion of the narrow money stock in the form of currency outside the banking system (Kama & Adigun, 2013). For Muyiwa, Tunmibi & Afaha (2013) a cashless society is a society in which no one uses cash as all purchases are made by credit cards, charge cards, cheques, or direct transfers from one account to another through mobile banking and internet services or platforms. He further asserts that the cashless society envisioned here refers to the widespread application of computer technology in the financial system. This study seeks to assess the effects of cashless economy policy on national development in Nigeria taking into considerations its benefits, challenges and prospect
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