ABSTRACT

This study evaluates the CBN's cashless policy in Nigerian business

environment since its introduction. For the purpose of this research work,

emphasis was placed on what necessitate the introduction of the cashless

economy by the CBN, How acceptable is the system by Nigerians; Are there

Electronic Media to facilitate its availability, how has the infrastructural.

development level in Nigeria affected the cashless policy and what is its

level of success. Both primary and secondary data were used to generate

data for the study. 200 copies of questionnaire were administered on both

the traders and buyers selected through purposive sampling out of which 193

copies (96.5%) responses were analyzed with the aid of descriptive and

inferential statistical tool. The descriptive tools showed the distribution of

respondents' views on identified variables classifying them into frequencies

and percentages. Analysis of variance (ANOVA), as contained in the

Statistical Package for Social Science was employed to test the hypotheses.

At the end of the data gathering exercise, findings revealed that

although much has been done in creating the awareness about of the

cashless payment system, there has not been a significant change in

adoption of the policy as a result of infrastructural development

inadequacy. Thus, the study concludes that major the problem in the

working of the cashless policy in Nigeria is the infrastructurat development

inadequacy i.e. power failure and telecommunication/internet facility

problems which in turn have made Nigeria to remain a highly cash-based

economy. Finally, the study recommends that the government should ensure

that power supply is reasonably improved to accommodate smooth operation

of the cashless policy in Nigeria. ALso, Government should ensure proper

regulation of the ICT sector in the country, remove barriers and encourage

new innovations so as to pave way for effectiveness and efficiency of the

cashless payment system in Nigeria.