NANS rejects CBN policy on cash deposits, withdrawal

Funmi Lawrence



The National Association of Nigerian Students (NANS) has rejected the new policy on cash deposits and withdrawals recently announced by the Central Bank of Nigeria.

Mr Danielson Akpan, National President of the association disclosed this to newsmen in Abuja on Tuesday.

Akpan said since the cashless policy was introduced by the CBN in 2012, it had ensured seamless transaction by Nigerians in the purchase and payment of goods and services.

He said the cashless policy had contributed greatly in the reduction of financial crimes both in private and public sectors of our economy while also reducing significantly the rate of arm robbery in our communities, offices and on the highway.

Akpan, however, said the new cashless policy recently announced by the CBN had heightened concerns and raised palpable fears amongst Nigerians as it affects charges on deposits and withdrawals above N500,000 and N3,000,000 both on individual and corporate accounts.

“These charges are already fixed at 3% and 2% on individual and corporate deposits and withdrawals made by bank customers. This is to say the least, unacceptable and ridiculous.

“The new cashless policy by the CBN is viewed by Nigerian students in particular and Nigerians in general as a dishonest attempt at criminally deducting customer’s hard-earned savings in favour of government just as VAT was mindlessly increased amidst obvious growing poverty amongst the people.

“Without any doubt, the new policy is capable of discouraging the growing culture of savings of cash in the bank.

“Furthermore, it is one policy that will further endanger the poor as robbery in homes and communities will escalate since no customer would be willing to accept illegal charges on their deposits and withdrawals.”

Akpan, therefore, called for the reversal of the policy in the interest of the generality of Nigerians and our fluctuating economy.

“Officially, the leadership of NANS and indeed, all Nigerian students hereby wish to inform the management of the Central Bank of Nigeria and the entire nation through that having failed to heed the advice of the House of Representatives which called for the suspension of the cashless policy on money deposits and withdrawals, Nigerian students shall in the next 72 hours commence immediate protest against the policy should the CBN fail again.

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