Nigeria: Court Refuses Motion Seeking to Stop CBN's Cash Withdrawal Limit

15 December 2022
This Day (Lagos)
By Alex Enumah in Abuja

Justice Chizoba Oriji of a High Court of the Federal Capital Territory (FCT) in Maitama has refused to grant a motion seeking to stop the new cash withdrawal policy of the Central Bank of Nigeria (CBN).

The judge however, ordered the applicants to rather put all the defendants on notice and ordered accelerated hearing in the suit.

The applications numbering about 10, had on behalf of themselves and 20 million unbanked Nigerian citizens sued the President of the Federal Republic of Nigeria, the Attorney General of the Federation, Central Bank of Nigeria and the Governor of the Central Bank of Nigeria over the cash withdrawal limit and the new currency design.

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 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 implementing the revised cash withdrawal policy, which limits the maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations to N100, 000 and N500, 000 respectively per week.

They claimed that the new policy constitutes a flagrant violation of their fundamental rights as guaranteed under the 1999 Constitution as well as the African Charter on Human and Peoples Rights (Ratification and Enforcement) Act.

Besides an order stopping the CBN from implementing the new policy, they requested for an order for accelerated hearing 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 are vulnerable to the use of telecommunication and technologically driven money platforms.

After listening to their submissions, Justice Oriji refused to grant the prayers for injunction but rather directed that all the respondents be put on notice to come and show cause why the order for injunction 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.

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