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Nigerian Students In UK Lament Frustration From Banks

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Nigerian Students In UK Lament Frustration From Banks

The National Association of Nigerian Students (NANS) in the United Kingdom (UK), has lamented the frustration from banks that its members face.

Airing the frustrations, the president of NANS in the UK, Shoyemi Peper-Hade revealed that “the issue is very straightforward. First, there is the inability of Nigerian banks to process Form A – a form used for foreign payments – on time. Also, the banks have refused to refund the affected students their money so that they can look for alternatives. We got a message that the university in question, the University of Hull, England, messaged one of the affected banks. They said they had given the bank one week to remit the money into the school’s account, but the bank has not responded to that mail to the best of my knowledge. Now, the affected students are saying, ‘Give us our money back!’ But the bank has refused to do so till date. We are talking about money that was dropped with the bank in September but they have yet to process the payment till now (November 23, 2022) as we speak.

The students are on the verge of being sent home. In fact, the school has told the 11 affected students since November 7 to go back to Nigeria and try again next year. This is very frustrating. We are talking of students who sold a lot of assets to be in the UK in search of education and a better life. It is depressing. They have done everything to make these banks comply, but all to no avail.”

They don’t have UK accounts yet because they are new in the country. Most of them came to the UK in September. So, they have yet to even process their personal accounts. They were given until October 30 to register to be eligible to access all the services in the UK, but the banks in Nigeria are frustrating these students. The deposits had to be made before they could even get visas. The way it works is that before leaving for the UK, you have to put some money in the Form A. The minimum is around £2,000. When this money is paid, one can then apply for a visa. So, the bank has an agreement with the university that once the students arrive in the UK, the money will be paid. But, this has not been the case. For now, of all the universities, it is only the University of Hull that uses Form A. All other universities have stopped it because of similar issues like this,” he added.

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General News

Emefiele Should Be Arrested, New Naira A Recipe For Chaos – FFK

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Emefiele Should Be Arrested, New Naira A Recipe For Chaos - FFK

Femi Fani-Kayode, a former aviation minister, has demanded that Godwin Emefiele, the Governor of the Central Bank of Nigeria, be placed under arrest.

The Nigerian lawyer said as much in a tweet, stating that the CBN governor opposes democracy, introducing fresh naira notes to create disaster.

FFK tweeted; “Let me make this clear. Emefiele has NO intention of releasing new naira notes until March. He wants people to suffer, he wants chaos & he wants to scuttle the election. He is a dangerous pawn in the hands of sinister anti-democratic forces. Remove, arrest & detain him NOW!”

READ ALSO: Buhari Vows To End Naira Scarcity, Sets Deadline

Remember that the Central Bank of Nigeria declared on October 26, 2022, that the 200, 500, and 1,000 notes will be redesigned.

The new naira notes will start to circulate starting on December 15, 2022, and will be used alongside the current notes until the CBN’s deadline of January 31, 2023, according to the statement made by the bank’s governor, Godwin Emefiele.

As a result of the efforts to replace the country’s paper money with newly produced currency notes, there is a shortage of cash, which prevents citizens from purchasing essentials and forces businesses across the country to close.

The resulting effect was caused by commercial banks not having enough new cash to distribute to customers, as the process of replacing the old currency notes was hurried which led to cash scarcity.

CBN further extended the deadline for the expiration of the old notes till February 10th, as the Apex bank also instructed Commercial Banks to begin issuing the newly designed naira notes to customers over the counter.

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CBN Directs Banks To Pay New Notes Over-The-Counter

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CBN Directs Banks To Pay New Notes Over-The-Counter

Commercial Banks in Nigeria have been directed by the Central Bank of Nigeria (CBN) to begin issuing the newly designed naira notes to customers over the counter.

CBN announced in a press release that the latest directive was intended to ease the difficulties Nigerians are having accessing the new notes and to shorten lines at ATMs.

Part of the CBN’s press release read; “While reiterating our commitment to Nigerians to ensure the effective distribution of the newly introduced Naira banknotes, we urge them to exercise patience as the CBN is working assiduously to address the challenge of queues at ATMs.

READ ALSO: CBN Extends Deadline For Old Naira Notes

“In line with this resolve, the Governor, Mr. Godwin Emefiele, has directed deposit money banks (DMBs) to commence the payment of the redesigned Naira notes over the counter, subject to a maximum daily payout limit of N20,000.

“We also admonish members of the public to embrace and adopt other payment channels for their transactions. The Naira is our legal tender and symbol of national pride. Therefore, let us
respect it and handle it with care.”

Nigerians were also warned by the apex bank not to disrespect the Naira at social gatherings or face arrest by law enforcement.

The Central Bank of Nigeria (CBN) further states that it is working with the Nigeria Police, the Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC), and the Nigerian Financial Intelligence Unit (NFIU) to combat the unpatriotic behavior.

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Buhari Vows To End Naira Scarcity, Sets Deadline

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Buhari Vows To End Naira Scarcity, Sets Deadline

President Muhammadu Buhari has pledged to eliminate the cash shortage that has persisted since the introduction of the new Naira.

Buhari, who admitted being aware of the problem brought on by his administration’s implementation of the cashless policy, stated that he had convened with a group of governors to come up with a solution within the next seven days.

He said; “I am aware of the cash shortages and hardship being faced by people and businesses, on account of the Naira redesign. I want to assure that we are doing everything to resolve these issues. Nigerians should expect significant improvements between now and the February 10 deadline.

READ ALSO: MOFI: FG Commences Restructuring Of Ministry Of Finance Incorporated

“I met with a delegation of Governors today, on the matter. All the complaints about the execution of the currency change are being seriously looked into. I will ensure that everything is resolved in a lasting manner, and we will all enjoy the long-term benefits of the decision.”

As a result of the Buhari administration’s efforts to replace the country’s paper money with newly produced currency notes, there is a shortage of cash, which prevents citizens from purchasing essentials and forces businesses across the country to close.

According to the Central Bank of Nigeria, the redesigned 200, 500, and 1,000-naira bills as well as new restrictions on large cash withdrawals would help prevent money laundering.

However, because commercial banks don’t have enough new cash to distribute to customers, the process of replacing the old currency notes is hurried which has led to a shortage of cash.

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