Money Launderers, Exchangers, Narcotic Traders Against Naira Resign, Cashless Policy – NANS

The National Association of Nigerian Students (NANS) has declared support for the cashless policy and the redesigning of Naira by the Central Bank of Nigeria (CBN), saying Nigerians should not abandon the nation’s currency to the activities of money launderers, exchangers, drug and nacrotic traders.

The apex students body also urged the CBN to come up with enough stiffer measures that will save the Naira further depreciation.

LEADERSHIP reports that there have been voices in support and against the new policies of the CBN in the recent time.

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 it 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 consumer 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 rates in the last seven years, which needed 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,” Nnalue stated.

Speaking on the advantages of the CBN cashless policy, the NANS Senate President added: “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 there are persons who have not 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.”