News Updated: December 20, 2022

We Support Naira Redesign, Cashless Policy — NANS

By Deborah Oyewole
December 20, 2022

The National Association of Nigerian Students (NANS) has declared support for the controversial cashless policy of the Central Bank of Nigeria.

Comrade Felix Attah Nnalue, the NANS Senate President, in a statement said the idea apex bank would "save the nation’s currency from the menace of unwholesome activities of money launderers, exchangers, drug and narcotic traders.”

The Senate President encouraged Nigerians to embrace change while urging the banks to improve their online applications.

“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% of currency in circulation of over 2.7trillion naira is outside the banks, is this a Joke? What are our law enforcement agencies doing?

“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. ”

“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 they of it rejected BVN.

"There was a drastic fall in the exchange rate as soon as the policy was announced, there have 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.”

On the advantages of the cashless policy, Nnalue said: “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 a cashless policy? We would have missed the opportunity of banking technology, transfers, recharges, Apps, ATMs, the BVNs, POS, and 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.”

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Deborah Oyewole

Deborah is a graduate of English Langauge with a passion for writing and editing. She is an ardent ...

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