Abstract:
Cash-less policy is a situation where the volume of the physical cash been
used in the economy is reduced rather than total elimination of such. This
had been in practice in most advanced countries. However only on Jan1,
2012, the pilot scheme of the policy was introduced as one of the financial
services by Central Bank of Nigeria (CBN) in Lagos as a pilot state, been the
economic nerve of the country. This policy takes the form of where no one
uses cash for major purchases but instead, but instead, credit cards, charge
cards, cheques, or direct transfer from one account to another through ebanking
or mobile banking. Limits of cash transactions were set for both
corporate and individual transactions. An is therefore made to critically
appraise the pros and cons of this cashless policy introduced into the
Nigerian economy within the context of customer protection and the
challenges in a cash less enomy ( case study Unity Bank Plc. With a view to
determine its workability as proposed and introduced by the apex bank of
Nigeria. Some recommendations that are considered to aid its success are
also made
