In a recent and impactful engagement between the National Association of Nigerian Students, Joint Campus Council (NANS-JCC), and the Central Bank of Nigeria (CBN) in Calabar, a crucial revelation emerged — "There's no scarcity of cash," as affirmed by the CBN.
*Unraveling the Perceived Scarcity*
Comrade Emmanuel Michael Iwara, the Chairman of NANS-JCC, led a delegation to the CBN to address the pressing issue of a perceived scarcity of cash affecting Nigerian students in Cross River State. The students' concerns were met with a detailed response from the Bank Controller.
Contrary to popular belief, the CBN highlighted that the perceived scarcity is more accurately described as a perceived hoarding or artificial scarcity. An astounding 53 billion naira had been withdrawn by commercial banks in the state, while only approximately 4 billion naira had been deposited. This imbalance has created a disruption in the normal circulation of cash, leading to the illusion of a scarcity that isn't reflective of the actual financial resources available.
*Commitment to Financial Stability*
The CBN management, represented by the Bank Controller, expressed unwavering commitment to ensuring and sustaining a financially stable economy. They revealed plans to roll out policies in the coming year aimed at fostering a conducive environment for economic growth.
*Encouraging E-Banking Solutions*
In the wake of the cash-related discussions, the Central Bank took the opportunity to encourage online banking and transactions. They emphasized the efficiency and convenience of e-banking, citing it as a more seamless and user-friendly alternative to traditional cash transactions.
*A Call for Collaboration*
Recognizing the pivotal role students play in governance and policy-making, the Central Bank expressed optimism about collaborating with the student community to achieve common goals and objectives. This signals a potential avenue for students to actively participate in shaping policies that affect their financial landscape.
*NANS-JCC Leadership Applauded*
The leadership of NANS-JCC received commendation for choosing dialogue as the primary means of addressing concerns. This diplomatic approach allowed for an open exchange of ideas and information, paving the way for a more nuanced understanding of the economic dynamics affecting the student population.
In conclusion, the engagement between NANS-JCC and the Central Bank has not only debunked the perception of a cash scarcity but has also laid the foundation for a collaborative relationship aimed at ensuring the financial well-being of Nigerian students in Cross River State.
Published by Pst Bill Francis Bill Nans Member and Ceo Billionaire Bill media Team and Blog.