Nollywood actor and Nigerian star, Yul Edochie, has urged President Bola Tinubu to bring the cashless policy, stating that it would restore the value of naira.
The cashless policy was first introduced by the Central Bank of Nigeria (CBN) on 1st January, 2012, on a pilot basis in Lagos State aimed at reducing the amount of cash in physical circulation across the country and affected states.
The policy was subsequently extended to other states in phases, and was fully implemented nationwide from July 1, 2014. The initial goal was to promote digital payments.
Again, in 2023, CBN implemented the policy. This time, the institution outlined guidelines to even electronic transactions where individuals could not access more than N5,000 in banks at a time.
During this time, businesses were stagnant, organizations were confused and almost everyone in Nigerian suffered; both rich, average and poor.
During the policy era in 2023, agents were under close monitoring for the amount of money they disbursed to citizens as some got sanctioned for giving more than was allowed, then.
POS transfers were limited as well as bank teller withdrawals.
However, while it was believed that the 2023 policy was not intentional as many Nigerians saw it as an effect of the redesign of the naira notes, Yul Edochie thinks it helped Nigerians save some money and improved their living.
In a post on his social media page on Thursday, the actor who has been a Tinubu supporter stated that the cashless policy reduced kidnapping and made goods cheaper.
He wrote; “To my leader, President Bola Ahmed Tinubu, GCFR Asiwaju Bola Ahmed Tinubu, I humbly suggest you bring back the cashless policy.
“When it was introduced by the previous administration, it increased the value of the naira tremendously.
“It helped to bring down prices of goods and it made 5 naira, 10, 20 and 50 naira notes regain value.
“The cashless policy also helped to reduce kidnapping massively.
He thanked the president for listening to him in advance as he declared support for him.
