Cashless Society: An Implication To Conomic Growth & Development In Igeria

Abstract

The Central Bank of Nigeria (CBN) announced a new cash policy (Cashless Society), which began on 1 st of January 2012 in Lagos state. The policy will be effective nationwide from June 1 st 2012. The various technologies and issues involved in cashless society are discussed. This research work sampled the opinions of the general public on issues surrounding the Cashless Society by using structured questionnaire to gather information from people. Data obtained was tabulated and the result was analyzed using percentages. The analyzed result was presented graphically and it was discovered that larger percentage of sampled population are of the opinion that Cashless Society will proffer solution to high risk of cash related crimes such as illegal immigration, financing Terrorism, illegal drug Trade, Human Trafficking, corruption etc. It will enhance effectiveness of monetary policy in managing inflation in Nigeria, thereby improving economic growth and development. Various issues such as benefits and social implication of Cashless Society are discussed. We proposed a Model Cashless System for Nigeria, which will be more convenient for people toappreciate, embrace, and use.