THE CASHLESS POLICY AND HOUSEHOLD EXPENDITURE IN NIGERIA

Scarcity of currencies caused by new notes introduced by apex Bank in Nigeria with daily demand for money in settling transactions led to introduction of cashless policy in Nigeria. The objective of the study was to examine impact of cashless policy on household expenditure in Nigeria, and this determined level of activities carried by consumers in the country with multiplier effect on economic performance. The study employed primary data and administered questionnaires to various stakeholders in Ekiti State; descriptive and inferential statistics were used to determine relationship between cashless policy and household expenditures in Nigeria. The findings showed that cashless policy significantly affected household expenditure in Nigeria as the study failed to accept null hypothesis stating that cashless policy does not have any effect on household expenditure. The study recommended to various levels of government to properly implement cashless policy on economic and monetary policies in order to safeguard kidnapping issues, cash holdings and inflation effects in the country.