EXAMINATION OF THE LOOPHOLES IN THE RECENT CURRENCY REDESIGN AND CASHLESS ECONOMY POLICY IN NIGERIA

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dc.contributor.authorOlariyike Damola Akintoye
dc.date.accessioned2024-12-21T20:05:28Z
dc.date.available2024-12-21T20:05:28Z
dc.date.issued2024-12-20
dc.description.abstractThe Central Bank of Nigeria (CBN) announced on 26 October 2022, the redesign of three out of the eight Naira notes in circulation. The move is geared towards entrenching the cashless economy policy. According to the CBN, over 85% of the currency in circulation is kept outside the vaults of commercial banks, which has encouraged kidnapping and the demand for ransom by kidnapers in Nigeria. This Paper attempts to look at the loopholes in the cashless economy and currency redesign policy. The method adopted in carrying out this research work is doctrinal research method. The study revealed that one of the major problems of the cashless policy was wrong timing, that is, the policy was introduced very close to the 2022 general elections. Another problem identified was the three months’ time frame given to Nigerians to swap old notes for new ones which was too short. Similarly, the CBN acted in contravention of The Money Laundering (Prevention and Prohibition) Act passed into Law on May 17 2022, to set standard and promote the effective implementation of legal, regulatory and operational measures for combating money laundering, The Paper recommends that, for the cashless policy to be successful, the e-payment system needs to be upgraded in Nigeria, and the time to swap old currency notes for new notes should not be too short as to bring untold hardship on the people.
dc.identifier.issnE-ISSN 3043-4548
dc.identifier.urihttps://kwasuspace.kwasu.edu.ng/handle/123456789/2910
dc.language.isoen
dc.publisherLexrSciptio: A journal of the Department of Jurisprudence and Public Law, KWASU
dc.relation.ispartofseriesVOLUME 1 ISSUE 1
dc.titleEXAMINATION OF THE LOOPHOLES IN THE RECENT CURRENCY REDESIGN AND CASHLESS ECONOMY POLICY IN NIGERIA
dc.typeArticle
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