This study investigated the effect of the Central Bank Cashless Policy on the Payment System in Nigeria. | Perceived effect of the cashless policy of the central bank of Nigeria on improvement of the payment system in Nigeria International Journal of Management IJM Volume 10 Issue 6 November-December 2019 pp. 294 316 Article ID IJM_10_06_029 Available online at http ijm JType IJM amp VType 10 amp IType 6 Journal Impact Factor 2019 Calculated by GISI ISSN Print 0976-6502 and ISSN Online 0976-6510 IAEME Publication PERCEIVED EFFECT OF THE CASHLESS POLICY OF THE CENTRAL BANK OF NIGERIA ON IMPROVEMENT OF THE PAYMENT SYSTEM IN NIGERIA Dr Robinson O. Ugwoke Department of Accountancy University of Nigeria Enugu Campus Nigeria Maureen Okafor Central Bank of Nigeria. Vivian O. Ugwoke Department of Accountancy University of Nigeria Enugu Campus Nigeria ABSTRACT This study investigated the effect of the Central Bank Cashless Policy on the Payment System in Nigeria. Cognizance of the fact that an improved exchange mechanism and payment system is central to the survival and growth of Nigerian economy which had suffered severe recession between 2015 and 2019 it applied survey research design to poll 204 bank workers from four banks in Nigeria to ascertain their perception on the extent to which the cashless policy has addressed the problem of exchange and payment system in Nigeria. The independent variable was cashless policy while the dependent variables were cash based transactions modernization of payment system and volume of cash outside the formal economy. Using Correlation Coefficient with SPSS 10 the test of hypotheses showed that there was a statistically significant relationship between the cashless policy and the development and modernisation of the payment system . p lt at significance level while it has significantly trimmed down the volume of cash in the informal sector in Nigeria by nearly 32 among others. It was concluded that the cashless policy has significantly and positively improved exchange and .
