Dear Shervon99,
don worry, it will affect this coming intake students only
(2000/2001). so if u are now already in NUS (i guess u in 2nd yr?),
u are most likely not going to be affected~! 
if u are interested in some of the matters on CFM, u can look at
the topic "The New 5-points system. Are u better / worse off"
I guess by requiring students to take 5 CFMs, in turn, they are
going to reduce the no of electives each has to take... so overall,
there is a cancel out effect.
Worse come to worse, students may be worse off by a bit, say end up
taking one more module to fulfil the Bachelor requirement.
This is wat happened to current 2nd yr students who are the 1st
batch of students required to take 2 CFM.
Prior to tat, students need to take 4 electives (all other
requirements the same). With CFM complusory, the need to take 2
CFM, but only 3 electives. So there is an overall one module
increment needed for one to graduate.
Cheers~!