NIGERIA’S CURRENCY REDESIGN: CASHLESS POLICY AND THE UNBANKED VULNERABLES IN NIGERIA

Cecilia Adurayemi Adu (PhD), Oladele Sewanu Oke-Potefa, Bukola Modupe Adeleke

Abstract


This study examined the impacts of currency redesign and cashless policy on the unbanked vulnerable people in Nigeria. The qualitative and descriptive methods were adopted for this study by describing the current Nigeria currency redesign and cashless policy on individuals who are poor and do not have bank accounts at all. It was discovered that very poor and unbanked individuals really faced tough challenges during the current currency redesign whereby individuals were using naira to buy naira at the POS outlets, banks were burnt down due to non-availability of cash for the banked.   It was recommended that the Central Bank of Nigeria should push for the use of digital currency, publicity and mass education leading up to the implementation of the cashless policy should be increased.


Keywords


cashless policy, unbanked, currency redesign, vulnerable, POS.

Full Text:

PDF

References


Adegbaju, A. A. and Olukoyo, F.O. (2008). Recapitalization and banks performance: A case study of Nigerian Banks, African Economic and Business Review, 6(1): 27-41

Adu, C.A (2016). Cashless policy and its effects on the Nigerian economy, European Journal of Business and Accountancy. 4, (2): 67-84

Adu, C.A (2016). Financial record keeping and SMEs in Nigeria, International Journal of Social Relevance and Concern, 4 (1): 23-34

Adu, C.A and Williams, C.A. (2023). Cashless policy and financial performance of banks in Nigeria, Enugu State University Journal of Management Sciences 2(1): 45-56

Akhalumeh. P. B. and Ohiokha, F. (2012). Nigeria’s cashless economy: The imperatives, International Journal of Management and Business Studies,2(2): 31-36

Central Bank of Nigeria (2022). Modalities for operations of cashless economy in Nigeria, CBN Bulletin, March 23

Central Bank of Nigeria (2020).Annual report and statement of account. December Abuja, Nigeria.

Central Bank of Nigeria (2021).Annual report and statement of account. December Abuja, Nigeria.

Onaolapo, A.R (2015). Effects of financial inclusion on the economic growth of Nigeria. International Journal of Business and Management Review, 4(2):1-19

This Day News Paper. March 19, 2023.


Refbacks

  • There are currently no refbacks.


Copyright (c) 2023 Cecilia Adurayemi Adu (PhD), Oladele Sewanu Oke-Potefa, Bukola Modupe Adeleke

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

 

 

 

 

 

 

 

 

 

 ISSN (Print):   2695-2319

ISSN (Online): 2695-2327

 

 

   

 

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.