An Appraisal of Cashless Policy in Nigeria

The study is a qualitative analysis of the policy framework on naira redesign in Nigeria with theinherent challenges. The study gave a historical overview of the policy to figure out the demands andcompliance on the existing timing for redesigning of naira by the Central Bank of Nigeria Act 2007. TheNigerian currencies have spanned from the colonial heritage of the Pound and Sterling which werechanged to the Naira, and this has changed the country’s political and economic narratives. The policyslid with an unfriendly disposition from politically motivated factors towards the end of the MuhammuduBuhari administration aimed at curtailing the expedience of vote trading and using state resources tofinance elections. The enforceable capability of the government propels necessary changes in the policy.The study underpinned the problems and the need to build a synergy between existing naira notes and afriendly environment. The study recommends the need to sensitise citizens on the time lag forredesigning new notes and the use of old notes to prevent the nation from being plugged into inflation.