An Appraisal of Cashless Policy in Nigeria

Prof. Michael C. Nwafor

doi:10.5281/zenodo.14718793

An Appraisal of Cashless Policy in Nigeria

Authors

Prof. Michael C. Nwafor Department of Accounting and Finance, Godfrey Okoye University, Enugu, Nigeria. https://orcid.org/0009-0000-8721-1457

DOI:

https://doi.org/10.5281/zenodo.14718793

Abstract

This study evaluates the cashless policy in Nigeria, focusing on two key objectives: assessing the extent
of electronic card transaction usage and determining the impact of the policy on cash transactions. The
population studied includes all electronic and cash transactions from 2005 to 2014. Using a deliberate
non-random sampling method, the research relies on secondary data sourced from the 2014 Central
Bank of Nigeria (CBN) Statistical Bulletin. Time series data on electronic transactions were analysed
using Excel tables and charts. The findings reveal a moderate positive correlation between ATM usage
and currency outside banks, indicating increased electronic card transaction usage since the policy's
implementation. However, contrary to expectations, cash transactions have also risen. The study
concludes that while the cashless policy has boosted electronic transactions, its effect on reducing cash
transactions remains limited. It is recommended that the government and CBN intensify awareness
campaigns on the benefits of a cashless economy and provide the necessary infrastructure to enhance its
adoption for economic growth and business development.

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2025-01-22

How to Cite

Prof. Michael C. Nwafor. (2025). An Appraisal of Cashless Policy in Nigeria. GVU Journal of Management and Social Sciences, 9(2), 86–103. https://doi.org/10.5281/zenodo.14718793

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Vol. 9 No. 2 (2024): GVU Journal of Management and Social Sciences

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An Appraisal of Cashless Policy in Nigeria

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