My message to NANS
Dear National Association of Nigerian Students, I heard you gave the CBN a 72hrs ultimatum to reverse the penalty on amount above the set cash deposit and withdrawal limits.
Well let me help you with some understandings to guide you on the fight you are about to begin.
Notes:
1. The sneaky CBN introduced two policies almost at the same time;
a. Cashless Policy
b. N50 stamp duty imposed on every POS withdrawals of 1k and above(usually charged on daily cumulative withdrawal before now).
2. I consider the cashless policy to be an instrument to ''monitor'' the rich, while the imposed N50 stamp duty on every POS withdrawal is to ''murder'' the poor.
3. No wonder the House of rep and the Senate have been ranting on the cashless policy that affects them (the rich), and shocked that none seem to be talking about the N50 stamp duty.
4. More than 95% of the full-time Nigerian student that voted you has never owned 500k and above, but 100% of them use POS to either make withdrawals (cash back service), buy things in markets, grocery stores etc or pay for a service.
5. Though the CBN imposed stamp duty is to be borne by the merchant (POS operator) including other charges, yet merchants are compelled to pass same charges to the end users, tactfully using the merchant to collect more money from you.
6. Most Nigerian tertiary institutions are located outskirt for sake of space, these are areas not safe for banks, hence the importance of Mobile Money Agents. Expect an increase in the charges you pay especially for transactions between 1k and 5k, the range most of your members withdraw often.
7. Like i said earlier, the policy can kill the poor. Imagine your parent/guardian sent you N10,000 the bank will charge you N50 stamp duty for receiving the money. Since you don't need all the money at once you prefer to withdraw N1k or 2k as the need arises, if it takes you 5 time withdrawal to finish that money, you would have paid N50 stamp duty 5 times on the same money apart from the one taken when you received it.
My Comrade, I hope with these few points of mine, you understand what affects you and your community. Don't be carried away by the rants on Cashless Policy, It doesn't concern you, Cashless was first introduced on the on the 1st day of January 2012 in Lagos, then extended to 6 other states in march that same year. Cashless policy is the reason all of you are compelled to pay your school fees online, so its not new, let your concern be the multiple collection of your precious N50.
Help share this as fast as possible; the student association needs a guide.
*Amb. Shehu Ibrahim*
National Coordinator
(NYAGGI)
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