Central Bank of Nigeria's (CBN) Cashless Policies, E-Transactions and Economic Growth in Nigeria

Abstract For efficiency in financial transactions, the CBN introduced cashless policy in 2012 for reduction of physical cash transactions in Nigeria. Therefore, the study identified the CBN’s developmental policy of cashless arrangement and interrogated same with economic development in the country. Ex-Post Facto research design was adopted, secondary data were collected and analyzed through documentary method and content analysis respectively. Theoretically, dependency theory was utilized, which maintained among others that the activities of the Western World was responsible for the underdevelopment of the Third World countries. The study found that the cashless policy has a minimal impact on the economic growth of Nigeria. therefore, the study suggested among other things that the provisions and knowledge of the intricacies surrounding the cashless policy and e-transaction will be made available to all Nigeria and the internet facilities will be made stable to facilitate reliability and confidence of the users. This the only way to enhance economic growth under the cashless policy.