A Critical Evaluation of Central Bank of Nigeria (CBN) Cash-less Policy, Currency Redesign, Financial Performance and Macroeconomy: The Socio- Economic Ramifications perspectives

Abstract

The reform of the financial sector is a critical component for the process of economic growth and development. These views are abundantly emphasised in empirical literatures that relate financial sector expansion to economic growth. Recognising this fact, Nigerian economic managers have focussed on the banking sector as a route to impact economic policy changes and policy shifts. The most recent of these financial sectors economic policy was the formal introduction of cashless financial policy in January 2012.

The advantages and disadvantages of the cashless policy with the Naira redesign strategy on financial performance and the Nigerian macroeconomy were analysed in this research.  This research study employed a systematic literature review (SLR) to examine this. A SLR was performed using a sample of 100 research articles chosen from a pool of 400 papers obtained from Scopus, Web of Science, Google Scholar, ABS journals and, among other sources.

As a result, the cashless policy provides enormous advantages to the financial industry. It was suggested that sufficient infrastructural and legal framework should be enhanced to assist in facilitating the effective implementation of the policy.