The cashless economic policy was introduced in Nigeria by the Central Bank of Nigeria (CBN) in order to sanitize the Nigerian economy and to bring it in line with the global economic development trend by 2020. This will facilitate modernization and formalization of the economy that could attract investment from outside and improve the effectiveness and the efficiency of the monetary policy. It is in the light of this that this study examines the cash policy on the Nigerian economy and attempts to determine the extent to which it is achieving its purpose by critically analyzing the provisions of the policy, the strategies of its implementation, the role played by the commercial banks, the Central Bank of Nigeria and the governments in facilitating the achievement of the purpose of the policy. The study specifically attempts to assess the impacts of the policy and the measures adopted in Sokoto metropolis in the implementation of the provision of the policy because the challenges of the policy could be more apparent in Sokoto due to its peculiar political position in Nigeria. The study adopted personal visits to the sites involved, conducting oral interviews with the staff of the banks, the general public and the other stakeholders, and observing the general reactions and responses of the parties concerned. It is based on this that the data collected was analyzed to show the extent of the achievement of the various measures adopted. The study establishes that the banking facilities were not only in short supply but also inadequate and even where available were grossly underutilized. It is based on these findings that recommendations were offered on how to improve the banking services to enhance the achievement of the overall purpose of the cashless policy in Nigeria generally and Sokoto Metropolis in particular.