Popular Nollywood actor and former presidential aspirant, Yul Edochie, has made a public appeal to President Bola Ahmed Tinubu, urging him to revive the cashless policy introduced by the Central Bank of Nigeria (CBN) during the previous administration.
Edochie shared his opinion through a post on his Instagram page, where he detailed the benefits of the policy. He argued that bringing back the cashless system would help strengthen the naira, curb inflation, and reduce the rising cases of kidnapping across the country.
Policy improved economy, security
In his post, Edochie emphasised that the policy had a significant impact on Nigeria’s economy when it was first implemented. According to him, the reduction of physical cash in circulation helped stabilise the naira and made low-denomination notes more valuable again.
“To my leader, President Bola Ahmed Tinubu, GCFR, 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,” the actor wrote.
He continued, “It helped to bring down the prices of goods, and it made the 5, 10, 20, and 50 naira notes useful again. The cashless policy also helped to reduce kidnapping massively. Consider it again, Sir. Thank you, Your Excellency.”
Edochie’s appeal came at a time when Nigeria is battling economic instability, high inflation, and rising insecurity. His comments have stirred mixed reactions from citizens, many of whom experienced challenges during the last implementation of the policy.
Nigerians react online
The actor’s suggestion has triggered wide conversations across social media platforms. While some users agreed with him, others reminded him of the hardship the policy caused, especially among small business owners, rural dwellers, and those without access to digital banking.
One Instagram user, @emykelz, responded, “Do you know how many people suffered?” This sentiment echoed the frustrations of Nigerians who were unable to withdraw or deposit money during the previous attempt at enforcing the cashless system.
Another user, @ayamaster32, wrote, “No, we are good with the cash-at-hand policy. It is working for many of us.”
Others took a more sarcastic tone. @princedanny001 said, “They haven’t even listened to appointed officials. Now it’s a lottery ambassador they will listen to?”
Despite the backlash, some voices supported Edochie’s point. @mayor_akins71 commented, “Man of the people, we believe you. Tinubu will fix Nigeria for sure.”
Another user, @wearmufty, added, “Relax, Jagaban will fix it,” using a popular nickname for President Tinubu.
However, not all responses were mild. @deyoung_king_solomon criticised the actor strongly, saying, “You are a very wicked human being for saying that.”
A policy with a mixed legacy
The cashless policy, introduced by the CBN under former President Muhammadu Buhari, aimed to reduce the amount of physical cash in circulation, encourage digital payments, and promote financial transparency. However, poor implementation led to long queues at banks, cash shortages, and frustration among citizens, especially in early 2023.
Experts noted that while the policy had good intentions, the lack of infrastructure and poor communication created avoidable suffering. Many Nigerians, especially in remote areas, do not have access to reliable banking services or smartphones to enable digital transactions.
Calls for reform, not repetition
As debates continue, some analysts have suggested that a better approach would be to reform and strengthen digital payment systems before reintroducing any form of cashless enforcement.
They recommend addressing infrastructure issues, improving internet access, and educating the public on how to use online platforms securely.
Edochie’s message, though controversial, has once again brought attention to the need for long-term financial reforms.
Whether the Tinubu administration will take up his suggestion remains to be seen, but one thing is clear: the conversation on how to move Nigeria’s economy forward is far from over.
Read Also: Yul Edochie criticises new method of choosing traditional rulers
Women who run from DNA tests, hiding something – Yul Edochie
