Cashless policy: NANS writes Emefiele, demand reversal within 72 hours

National Association of Nigerian Students (NANS) has joined the list of Nigerians that have condemned the new cashless policy being championed by the Central Bank of Nigeria (CBN).

It described the policy as “insensitive and anti-people” designed to inflict more pain and hardship on Nigerians. It, thus asked the CBN to, quickly suspend the policy within 72 hours or face unfriendly mass action from the students.

NANS President, Danielson Akpan, in a letter dated 23rd September, 2019, and addressed to CBN governor, Godwin Emefiele, said the new policy has heightened concerns and raised palpable fears amongst Nigerians as it affect charges on deposits and withdrawals above N500,000 and N3 million on individual and corporate accounts respectively.

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He said he was disappointed with CBN as he had expected them to be aware of the unbearable economic condition of Nigerians and daily collapse of businesses due to unhealthy attitude of financial institutions.

He warned that attempt to forceful implement the new policy may spell doom for economic survival of Nigerians and sustenance of their businesses.

The NANS President informed the governor through the letter that the policy is viewed by Nigerian students as a dishonest attempt aimed at “criminally” deducting customers’ savings in favour of government just as Value Added Tax (VAT) was mindlessly increased amidst obvious growing poverty amongst the people.

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He added: “the policy will, undoubtedly, discourage the growing culture of savings of cash in the bank, in addition to endangering the lives of poor Nigerians as robbery in homes and communities would escalate due to customers’ decision to save money at home instead accepting illegal charges on deposits and withdrawals.”

The NANS President however confirmed that Nigerians students are putting finishing touches on plans to shut down CBN headquarters in Abuja and other offices nationwide at the end of the ultimatum if the policy is not reversed.

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“They failed to heed the advise of the House of Representatives on the suspension of the cashless policy, but Nigerian students would not accept that. We shall, in next 72 hours commence unfriendly mass action against CBN if they fail to act in favour of Nigerians who have vehemently rejected the extorting policy,” he said.

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