Court summons Emefiele, others over cash withdrawal limit, old Naira notes

A lawsuit seeking to prevent the Central Bank of Nigeria (CBN) from effecting the cash withdrawal limit has been adjourned to January 10, 2023, a day after the policy will become effective.

Justice Sylvanus Oriji of a High Court of the Federal Capital Territory in Abuja declined to grant the prayers of 10 applicants who filed the lawsuit on behalf of 20 million unbanked Nigerians.

In the judge’s ruling on Tuesday, but made available to journalists on Thursday, Justice Oriji ordered all the respondents, which includes the CBN and its Governor, Godwin Emefiele, to appear in court.

Justice Oriji said the respondents, which also include President Muhammadu Buhari and the Attorney-General of the Federation, should make themselves available to explain why the court shouldn’t grant the prayers of the applicants.

Prayers of the applicants against CBN

It was gathered that the applicants prayed the court to restrain the central bank from effecting the cash withdrawal policy that will prevent individuals and businesses from withdrawing more than N100,000 and N500,000 respectively over the counter.

READ ALSO: Gov Fintiri says Emefiele bitter, targeting politicians with withdrawal limit policy

Ripples Nigeria had also reported that the cash withdrawal policy would limit Auto Teller Machine (ATM) and Point of Sale (PoS) withdrawals to N20,000 per day.

The court filings disclosed that the applicants said the cash withdrawal policy was a violation of the Money Laundering Act, fundamental rights of the applicants as guaranteed under the 1999 Constitution, and also the African Charter on Human and Peoples Rights (Ratification and Enforcement) Act.

The applicants also requested the court to stop the CBN from phasing out old naira notes by the deadline date of January 31, 2023. They said it affects 20 million unbanked Nigerians who don’t have access to information and the use of technologically driven platform.

Also, they prayed for an accelerated hearing of the suit and requested that the central bank should be compelled to provide a detailed plan and guidelines covering the over 20 million unbanked citizens.

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