Cashless policy by the CBN, if well implemented with pure intentions and political will, has the following merits:

a cashless system can:

reduce corruption
discourage crime such as terrorism, kidnapping, robbery
enhance stability of exchange rate market
boost tax revenues for infrastructure development
give CBN a better handle on monetary policy implementations
create employment in industry allied to e-transactions
save cost on currency operations
promote electoral integrity

Challenges to the implementation of a cashless system in Nigeria include:

infrastructure deficit
illiteracy
unbanked people
privacy concerns
Glitches, hacking and security breach

charlsecy:
Cashless policy by the CBN, if well implemented with pure intentions and political will, has the following merits:

a cashless system can:



Challenges to the implementation of a cashless system in Nigeria include:

Merits greater than demerits.
A greater opportunities for the ethical hackers to help prevent the malicious hackers and a more enlightenment to the unbankers to help them key into the new development.