News Reaching us this morning has it that the proposed CBN cashless policy is going live on April 1st, 2017 across the FCT, Lagos, Ogun, Abia, Anambra, Kano, and Rivers states. and other states is said to follow suit.

Now let us talk what are the possible implications of this?

When an economy adopts a cashless policy, it propels its people and companies to convert their paper money to bank deposits with the hope that they can be persuaded to spend that money rather than save it because those deposits will carry considerable costs (negative interest rates and/or fees), which could in turn boost consumption, GDP and inflation to pay for the massive debts accumulated (leaving aside the very controversial idea should now have to pay for the privilege of holding their hard earned money in a more liquid form, after it has already been taxed).
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