
How CBN Cashless Policy Impact Nigeria’s Economy
In an effort to enhance the efficiency and security of the Nigerian financial system, the Central Bank of Nigeria (CBN) introduced the Cashless Policy in 2012. The policy, which is aimed at reducing the amount of physical cash in circulation, has had a significant impact on the Nigerian economy.
The CBN Cashless Policy is a set of guidelines introduced by the Central Bank of Nigeria to encourage the use of electronic payment channels for transactions in the country.
The policy seeks to reduce the amount of physical cash in circulation and promote financial inclusion by encouraging the use of electronic payment channels such as Automated Teller Machines (ATMs), Point of Sale (POS) terminals, mobile banking, and internet banking.
In this article, we will discuss the impacts of...