Supreme court nullifies CBN’s cash withdrawal limit, Calls It Illegal.
The Evangelist News edition, March 15, 2023. By Admin.
The Supreme Court has said that CBN’s cash withdrawal limit is illegal and against the fundamental rights of Nigerians
The apex court stated this while delivering judgment against the federal government on the naira redesign policy
CBN neither confirmed nor denied the apex court’s ruling but said the old N200, N500, and N1000 notes are legal in line with the Supreme Court ruling.
The Supreme Court has said that the cash withdrawal limits set by the Central Bank of Nigeria (CBN) violate Nigerians’ rights.
The seven-man panel, which extended the validity of the N200, N500, and N1000 old notes, declared that the CBN was wrong in imposing the limit on Nigerians.
Governor of the Central Bank of Nigeria, Godwin Emefiele Credit: Bloomberg/Contributor
Source: Facebook
Supreme Court slams CBN’s policy
The Supreme Court said:
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“Such restriction on an owner’s right to freely use his or her property is illegal unless provided for by a law,” Emmanuel Agim, a member of the court’s panel who read the lead judgment, held.
According to a Premium Times report, the apex court stated this in the suit challenging the Federal Government’s withdrawal of the old N200, N500, and N1000 banknotes from circulation.
The Nigerian government, via the demonetisation policy, in October last year, introduced redesigned N200, N500, and N1,000 notes to replace the old banknotes in circulation within three months.
The CBN, under the policy, placed withdrawal limits of N500,000 weekly on individuals and N5 million on corporate bodies.
CBN makes u-turn says N200, N500 and N1000 notes are legal tender
On Monday, March 13, 2023, the CBN gave in to pressure from Nigerians and announced that the banknotes are now legal, in compliance with the Supreme Court order.
