Economy News

Court Declines Request To Stop CBN Cash Withdrawal Limit Policy

Court Declines Request To Stop CBN Cash Withdrawal Limit Policy
  • PublishedDecember 15, 2022

An Abuja High Court sitting in Maitama, has turned down a request to stop the new cash withdrawal limit policy of the Central Bank of Nigeria (CBN).

The 10 plaintiffs in the case with suit number FCT/HC/CV/M/2358/2022 led by Adamu Sarki dragged President Muhammadu Buhari, the Attorney-General of the Federation (AGF), Central Bank of Nigeria and the Governor of the Central Bank of Nigeria, before the Court.

According to them, they filed the matter for themselves and on behalf of 20 million Nigerian citizens without bank accounts.

Other plaintiffs in the matter were Victor Oroko, Shekwoyi Gaza, Philip Tanko, Ismaila Ibrahim, Mohammed Robo, Yunusa Musa Gani, Helen Luka, Suleiman Yusuf and Adamu Gaidam Asu.

In the motion on notice, the applicants prayed the court to grant injunctions restraining the respondents from proceeding with the January 31, 2023 deadline of the use of the current N200, N500 and N1,000 currency notes as it affects the applicants without any realistic plans or workable guidelines to cover the over 20 million unbanked Nigerians who are vulnerable to information and the use of technologically driven platform without the possibility of financial inclusion.

They prayed for another injunction restraining the Respondents from the implementation of the revised cash withdrawal limiting the maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week to N100, 000 and N500,000 respectively, which they said was a violation of the Money Laundering (Prevention and Prohibition Act, 2002 and which also constitutes a flagrant violation of the fundamental rights of the applicants as guaranteed under the 1999 Constitution as well as the African Charter on Human and Peoples Rights (Ratification and Enforcement) Act.

Furthermore they asked the Court to grant an order for accelerated hearing of the suit and also an order for substituted service on the parties while also praying for the order of court mandating the CBN to produce a detailed plan and guidelines covering the over 20 million unbanked citizens who they said were vulnerable to the use of telecommunication and technologically driven money platforms.

However, Justice S.C Orji having listened to the counsel to the applicants, refused the prayers for the injunctions but rather directed that all the respondents be put on notice to come and show cause why the order for injunctions should not be granted against them.

The judge thereafter adjourned the matter to January 10, 2023 after granting orders for accelerated hearing and substituted service on the Respondents.

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