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| A Crumbling Country: CBN restricts Overseas Nigeria Students to $1000 monthly withdrawal |
In an obvious move to shore up Nigerian crumbling economy by reducing the amount of money leaving the country, the Central Bank of Nigeria (CBN) has started to restrict Nigerian students studying overseas to a paltry $1000 withdrawal of their money heald in Nigerian banks.
Barring any last minute change of plans, Nigeria under President Muhammadu Buhari will soon be ridiculed before the world, in a protest that will take place in all the nation’s embassies in other countries, Secrets Reporters can authoritatively report.
The Central Bank of Nigeria (CBN) which has become a personal empire under Mr Godwin Emefiele has come up with a harsh policy again; this time on students. In a meeting held last week Friday with bank chiefs in Nigeria, Emefiele mandated them to immediately block all students’ master cards holders in Diaspora from withdrawing more than $1000 monthly.
A source who spoke on behalf of the Nigerian Students in Diaspora confirmed that they have already formed themselves into groups all over the world to stage protests in all Nigerian embassies if the decision by Emefiele is not reversed within ten days.
We gathered that the new limit penned down by CBN and the Nigeria banks is not tenable, as the students in Canada, USA, New Zealand pay $500 monthly as house rents, while spending extra $1000 on upkeep and school activities for the month. Before this new law, $2000 was the limit.
Ironically, the Bank Verification Number (BVN) for Diaspora is said to be hellish revealed a source to us. Against the claims of the banks in Nigeria that it is easy to do in foreign countries, all the banks have just one centre in a country, where everyone has to go to register.
“How do they expect a student to leave a state to another state for the BVN, spends over five hours and $800 on the road and still expect him to manage $200 for the remaining month”, a student lamented.
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