Citation:

El-Yaqub Ahmad B. "Analysis of the Impact of Cashless Policy and Naira Redesign on Economic Growth in Nigeria" International Research Journal of Economics and Management Studies, Vol. 3, No. 7, pp. 278-284, 2024.

Abstract:

This study investigates the effects of implementing a cashless policy and redesigning the Nigerian currency on the country's economy. The study obtained data from the Central Bank of Nigeria (CBN) Statistical Bulletins and the National Bureau of Statistics (NBS). The study employed quantitative data analysis to establish the correlation between Nigeria's cashless policy and economic growth. The findings indicate the presence of a causal association between the cashless policy and economic growth in Nigeria. Hence, the government should focus on implementing policies and initiatives, such as technological advancements, to promote the adoption of e-payment methods in the country. This will result in more individuals accessing banking services and bringing more people into the formal sector. Additionally, it will enhance efficiency and effectiveness in trade and business, ultimately leading to economic growth.

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Keywords:

Cashless Policy, Currency Redesign, Economic Growth.