NANS Backs New CBN Cashless Policy, List Those Against Apex Bank's Proposed Action

NANS Backs New CBN Cashless Policy, List Those Against Apex Bank's Proposed Action

  • The CBN's new cash withdrawal limits and redesign of the naira have gotten the support of Nigerian students
  • The students said the Godwin Emefiele-led apex bank's move is necessary to save the Nigerian currency
  • According to the students, N2.7trillion cash outside the banking sector is unacceptable and should go right back into the financial houses

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FCT, Abuja - The National Association of Nigerian Students (NANS) has declared support for the cashless policy and the Naira redesign by the Central Bank of Nigeria (CBN).

The student body also urged CBN to develop enough stiffer measures to save the naira from further depreciation.

Emefiele-led CBN has gotten the support of Nigerian students over its cashless policy. Photo credit: Stringer/AFP
Source: Getty Images

There have been voices in support and against the new policies by the CBN in recent times.

Reacting to the development on Tuesday, December 20, through a statement sent to, the student body urged Nigerians to embrace the change while urging banks to improve their online applications to encourage consumers' confidence.

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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 seven years which needs to be stabilised.

His words:

"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.
''Also, because of the bewildering information that over 80% of currency in circulation of over N2.7 trillion naira are outside the banks.
"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 N2.7trillion 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 vilification.''

NANS noted that since the policy was announced, massive deposits have been coming into the banks.

The group also announced that it has released a 4-paged document on the benefits of the CBN's currency redesign and revised cash withdrawal limits policy to enlighten Nigerians.

The statement concluded:

"We support the deepening of the cashless policy, giving Nigerians access and ownership of their legitimate monies.
''It also has the crucial ability to track and trace illicit activities like kidnapping for ransom, terrorism financing and the fighting of corruption."

Timi Frank to DSS: Stop illegal plot to arrest CBN governor, Emefiele

On his part, former deputy national publicity secretary of the All Progressives Congress (APC), Comrade Timi Frank, on Tuesday, December 20, urged the Department of State Services (DSS) to halt their alleged plot to arrest Emefiele urgently.

Frank was reacting to allegations by the Coalition of United Political Parties in Abuja on Monday, December 19.

He called on President Muhammadu Buhari to call the DSS and other officials to order not to intensify the already heightened security situation in the country.

Court gives verdict on DSS' move to arrest CBN governor Emefiele had earlier reported that the alleged move by the DSS to arrest and detain Emefiele had hit a legal brick wall.

A Federal High Court in Abuja declined the application filed by the secret police to get Emefiele remanded.

The presiding judge, Justice JT Tsoho, reportedly said the DSS did not provide concrete evidence to substantiate its claims that Emefiele was involved in terrorism financing.


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