NANS: Political bandits, narcotic traders against CBN’s cash withdrawal policy

Felix Nnalue, senate president of the National Association of Nigerian Students (NANS), says money launderers and narcotics traders are those opposing the cash withdrawal policy of the Central Bank of Nigeria (CBN).

Recently, the apex bank announced fixed weekly cash withdrawals for individuals at N100, 000 and corporate bodies at N500,000.

Maximum cash withdrawal at POS terminals has also been reduced to N20,000 daily. The policy is expected to take effect nationwide from January 9, 2023.

In a statement on Tuesday, Nnalue said it is puzzling to find out that over N2.7 trillion is outside the country’s banking system.

“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 narcotic traders and the bewildering information that over 80 percent of currency in circulation of over 2.7trillion naira is outside the banks, is this a joke,” Nnalue said.

“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 N2.7 trillion and more should go right back into the banks, the currency change is necessary at this political period.

“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 stabilization of the exchange rate, reduce inflation, and ensure free and fair election.

“While a lot 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 said NANS supports “the deepening of the cashless policy as it gives Nigerians access and ownership of their legitimate monies”.