The cashless Nigeria project, subsequent back pedaling in the course of implementation and recent updates

Adewale Adegoke Alawiye-Adams

Department of Banking and Finance, Financial Analyst; Management / Development Consultant / Investment Strategist

E-mail: adedams_intservices@yahoo.com, Tel: 08033900620

Accepted 24 December 2012

Abstract

It is a good thing Nigeria is instituting a cashless policy, but the dictatorial force by which the regulatory body- Central Bank of Nigeria, is pushing the implementation of the policy down the throat of the citizenry without obtaining their consent and imposing punitive measures to compel compliance and obedience is what makes the Nigeria cashless project unique. But can the CBN regulators force itself on people and the way they apply or use their money? Do we have the enabling infrastructure, power, adequate security, Human capital, the minimum technical/equipment infrastructure required and other structural enablement to successfully drive the implementation of this policy effectively for success. These factors are already confronting and frustrating the successful implementation of the cashless Nigeria project. In a democratic environment like Nigeria, Do leaders have to implement policies through autocracy and oppressive dictatorial punitive measures that insults the rights and intelligence of the citizenry in the name of reforms? Definitely there may be no going forward in success until the highlighted obstacles are sufficiently addressed and the punitive measures removed, these are the issues addressed by this article.

Keywords: Cashless, programme, financial system.