A High Court of the Federal Capital Territory (FCT) has adjourned to January 10, 2023, a lawsuit seeking to stop the Central Bank of Nigeria (CBN) from effecting the cash withdrawal limit.
Justice Sylvanus Oriji refused to grant the prayers of 10 applicants who claimed to be action on behalf of 20 million Nigerians without bank accounts.
In the ruling, Justice Oriji ordered all the respondents, including the CBN and its Governor, Godwin Emefiele, to appear in court on the hearing date.
Justice Oriji said the respondents, including also President Muhammadu Buhari and the Attorney-General of the Federation, should come and explain why the court should not grant the applicants’ prayer.
The applicants are praying 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.
The cash withdrawal policy would limit Auto Teller Machines (ATMs) and Point of Sale (PoS) withdrawals to N20,000 per day.
The applicants are contending that the cash withdrawal policy is 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 are also requesting 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 do not have access to information and the use of technologically driven platform.
They are also seeking an accelerated hearing of the suit, requesting that the central bank should be compelled to provide a detailed plan and guidelines covering the over 20 million unbanked citizens.