The Central Bank of Nigeria (Cbn) Cashless Policy and the Nigeria Economy
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Abstract on The Central Bank of Nigeria (Cbn) Cashless Policy and the Nigeria Economy
This study titled” Central Bank of Nigeria Cashless Policy and Nigeria Economy (A study of CBN Enugu) intends to drive development and modernization our payment system in line with Nigeria’s vision 2020. The study also intends to investigate whether the efficient and modern payment system is positively correlated with economic development. The study also intends to ensure that the key for economic growth is conducive. The study also intends to investigate the reduce cost of banking services (including cost of credit) and drive financial inclusion by providing more efficient transaction options and greater reach. The research work also intends to improve the effectiveness of monetary policy in managing inflation and driving economic growth. The researcher made use of survey method for gathering information after which the following findings were derived; That the development and modernization of our payment system is in line with Nigeria’s vision 2020 goal of being amongst the top 20 economies by the year 2020. That the efficient and modern payment system is positively correlated with economies development that the key for economic growth is conducive that the reduction cost of banking services (including cost of credit) greater reach to Nigeria Economy that the effectiveness of monetary policy in managing inflation and driving economic growth of Nigeria is very active, others include Speedy processing, Accurate Information, On-line Real Time Services, Saving of Cost and Time. Therefore the researcher concludes with the following recommendations tat the Central Bank of Nigeria should develop and modernize our payments system is in line with Nigeria’s vision 2020 goal of being amongst the top 20 economies by the year 2020. That there should be efficient and modern payment system is positively correlated with economies development that Central Bank of Nigeria should establish or makes policies about the key roles for economic growth is conducive. That there should be a reduction cost of banking services (including cost of credit) and drive financial inclusion by providing more efficient transaction options and greater reach to Nigeria Economy. Finally, that there should be very active effectiveness of monetary policy in managing inflation and driving growth of Nigeria.
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