The National Association of Nigerian Students (NANS) has declared support for the cashless policy and the redesigning of the Naira by the Central Bank of Nigeria (CBN), saying Nigerians should not “abandon our currency to the activities of money launderers, exchangers, and drug and narcotic traders.”
The student body also urged CBN to come up with stiffer measures that will save the Naira from further depreciation.
There have been voices in support of and against the new policies by the CBN in recent times.
But reacting to the development on Tuesday through a statement after the emergency meeting of the association’s leadership which held at the weekend, where they reflected on issues bothering on the welfare of Nigerian students and how recent happenings in the country would impact their lives and citizens at large, the students body urged Nigerians to embrace the change, while the banks improve on their online applications to encourage consumers confidence.
The statement signed by the NANS Senate President, Comrade Felix Attah Nnalue, said Nigeria as Africa’s largest economy and population has experienced an unbelievable exchange rate in the last 7 years which needs to be stabilised.
We cannot continue like that, the CBN must come up with enough stiffer measures that will save our Naira, we cannot abandon our currency to the activities of money launderers, exchangers, drug and nacrotic traders and the bewildering ‘ information that over 80% of Currency in Circulation of over 2.7trillion naira is outside the banks, is this a Joke? What are our law enforcement agencies doing, is the CBN short of Potices?
“Our interest is in the future, for there we will spend the rest of our lives. This is why we absolutely support the redesign of our Naira, so that 2.7trillion Naira and more should go right back into the banks, the currency change is necessary at this political period, I mean it is long overdue and according to Lamido Sanusi, it could stop rigging and the constant security information of counterfeits, hoarding and discoveries of stashed Naira notes etc. Even stakeholders agreed that the advantages of the cashless and redesign of the Naira far outweigh its vilifying; effective monetary policy, fight corruption, help in the stabilisation of the exchange rate, reduce inflation, and ensure free and fair election.
While alot of concerns have been raised by the withdrawal limit, it is commendable, Nigerians are always afraid and impatient of everything even Progress, the limit which is strategic, seems harsh for Political Bandits, the same way the rejected BVN, There was a drastic fall in the exchange rate as soon as the policy was announced, there has been humongous deposits coming into the banks, the masses are looking out for stashed funds, Cash handling fees are available for a fee and more documents are required, we believe and urge Nigerians to embrace this change, while the banks improve on their online applications to encourage consumers confidence.
Speaking on the advantages of cashless policy, the NANS Senate President said: “As Nigerians we are exposed to many opportunities for great changes, that have the capacity to develop and promote the integrity of our Nation, however our first reaction is to always reject innovations without looking at the attendant benefits. We have therefore released a 4-paged document on the benefits of the CBN’s currency redesign and revised cash withdrawal limits policy for the enlightenment of Nigerians.
“Who knew we would get here with cashless policy? we would have missed the opportunity of banking technology, the transfers, the recharges, the Apps, ATMs, the BVNs, the POS, the 24 hour access to your bank accounts, I mean tsome persons havenot been to the banks in Six months, how much do students have, imagine the COVID-19 era, how many could wait till it was their turn at the banks?
We therefore would support the deepening of the Cashless Policy as it gives Nigerians access and ownership of their legitimate monies and the will to port to other banks whose services are shabby, also it has the very important ability of tracking and tracing illicit activities like that of Kidnapping for ransom, terrorism financing and the fighting of corruption.”
