Eravwoke Kester Erhieyovwe and Goodnews Oghenekaro Gayovwi
This study examined an empirical analysis of cashless policy and its impact on the Nigerian economy for the period of 2013 - 2024. Data was collected from secondary sources through annual reports obtained from Central Bank of Nigeria Statistical Bulletins and bureau of statistics. The impact of cashless policy was proxied by Automated Teller Machine (ATM), Point of Sale (POS), and web based transactions (WDT), while economic growth was proxied by Real Gross Domestic Product (GDP). The methods used for the regression analysis include OLS (ordinary least squares), Augmented Dickey fuller unit root test (ADF) and granger causality test were applied to determine the impact of the policy on the GDP using the ATM, POS and the WDT. The study revealed that ATM and POS has a positive effect on growth (RGDP). On the other hand, the regression results also show that WDT had a negative and insignificant effect on RGDP. Based on the findings of the study, it is therefore recommended that there is an urgent need for the authorities concerned to intensify awareness on the benefits derivable from cashless policy to stimulate improvement in economic activities. This can be achieved through a periodic review of the policy to examine its strengths and weaknesses in order to seek for continuous improvement as well as better ways of communicating the benefits to the existing and potential users.
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