Falana threatens to sue CBN, demands details of new naira notes printed, distributed

Human rights lawyer, Femi Falana’s law firm has requested information from the Central Bank of Nigeria (CBN) regarding the quantity of new naira notes that have been distributed to the nation’s commercial banks.

The firm also requested from the central bank a list of the names of clients who collected more than the N100,000 cap set by CBN.

It threatened to approach the federal high court, if the CBN does not make available the information sought within the stipulated timeframe.

The CBN has asserted that it has given the new currency notes to banks for circulation on numerous occasions. Nonetheless, due to the continued shortage of the newly printed notes, Nigerians continue to have trouble accessing cash.

On Wednesday, CBN Governor Godwin Emefiele accused politicians of hoarding the new naira notes.

The governor claimed that as people struggle to obtain the new naira, long lines at banking halls and automated teller machines (ATMs) are a result of politicians’ mopping-up of notes.

In a letter dated February 16, 2023, Falana’s legal team requested details of the revised notes made accessible to commercial banks from the apex bank.

Read also:Falana berates CBN for bungling redesign policy, inciting citizens against banks

Femi Adedeji, an attorney with Falana & Falana’s Chambers, signed the letter.

It reads in part, “our attention has been drawn to your statement wherein you claimed that some unnamed politicians have mopped up the new naira notes made available to all commercial banks by the Central Bank of Nigeria”.

We are compelled to request you to furnish us with information concerning the amount of the designed notes of N200, N500, and N1,000 denominations made available to each commercial bank by the Central Bank of Nigeria.

“Furthermore, we also request you to furnish us with the list of customers of the commercial banks who collected more than N100,000 approved by you from the commercial banks.

“As this request is made pursuant to the provisions of the freedom of information act 2011, you are required to accede to our request within 7 days of the receipt of this letter.”

“Take note that if you fail or refuse to furnish us with the requested information before the deadline of 7 days we shall not hesitate to pray the federal high court to compel you to accede to our request.”

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