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 (CBN).

Mr Danielson Akpan, NANS’ National President
Mr Danielson Akpan, NANS’ National President

The National President of the association, Mr Danielson Akpan, said students might stage a protest against the policy.

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

He said the policy had contributed greatly to the reduction of financial crimes both in the private and public sectors, adding that it had also led to significant reduction in the rate of armed robbery in communities, offices and on highways.

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

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“This is to say the least, unacceptable and ridiculous.

The new cashless policy by 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 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 lives of the people, as robbery in homes and communities will escalate since no customer will be willing to accept illegal charges on their deposits and withdrawals,’’ he said.

Akpan, therefore, called for immediate reversal of the policy, in the interest of the generality of Nigerians and the country’s fluctuating economy.

He condemned the refusal of CBN to heed the call by the House of Representatives for the suspension of the policy, adding “Nigerian students shall, in the next 72 hours, commence immediate protest against the policy, should the bank fail again’’ said Akpan.


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