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Cashless Policy Initiative and Socio-Economic Implications in Nigeria

Joseph Erakpower I. PhD, Franklin Aghoghophia Ogberi

Abstract

Structural violence theory posits that social structures and institutions can perpetuate harm, inequality, and oppression, even in the absence of intentional acts of violence. This theory can be applied to the CBN’s 2023 cashless policy, which seeks to promote digital transactions and reduce the use of cash in the economy. While the policy aims to enhance efficiency, convenience, and transparency, it also has unintended consequences that affect marginalized groups disproportionately. This work will explore how the cashless policy compounds existing inequalities, creates new forms of exclusion, and sustains structural violence in Nigeria. Drawing on empirical observation and citation, we will examine the social, economic, and political implications of the cashless policy on vulnerable populations, such as low-income earners, informal workers, rural dwellers, women, and the elderly. We will also discuss potential solutions to mitigate the negative effects of the policy and promote a more just and inclusive financial system in Nigeria.

Keywords

Cashless policyNaira redesignStructural violence.

References

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