Nigeria’s implementation of cashless economy policies: Welcomed or forced?

What does a cashless society look like and how would governments go about implementing one?

Late last year, the central bank of Nigeria abruptly implemented cashless policies that some say forced Nigerians to comply or not buy.

Is Nigeria ready for a cashless economy? My latest report takes a closer look at the challenges and opportunities of transitioning to a cashless society.
From the rise of digital payments to the infrastructure needed to support them.#cashlesseconomy #bbcnews #channelstv pic.twitter.com/q7vbgtxLhV

— Zainab Bala (@Zainab__Bala) March 30, 2023

With restrictions on how much naira, the country's national currency, could be withdrawn per day, and the suspension of bank notes, some Nigerians, especially those in rural areas, spoke out and protested the progressive cashless policies.

Nevertheless, Nigeria’s cashless agenda continues moving forward, with the government encouraging more Nigerians to use the country's new Central Banking Digital Currency (CBDC), the eNaira.

The Nigerian government says the benefits of going cashless will help the country combat corruption, such as money laundering, and will help reduce inflation. The latter is a promise inconsistent with the country's rate of inflation soaring to 22.7% in July, the highest it’s been since 2005.

In today's report, I interview BBC Africa journalist Zainab Bala, who spoke with some of the citizens who had concerns about the cashless policies, but believes those who share such concerns simply lack education about what such an economy will look like.

What do you think?

Click on the video above to watch the full interview, and then tell us your opinion on Nigeria’s progressive cashless policies.

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