An FCT High Court has refused an application seeking to stop the new cash withdrawal policy of the Central Bank of Nigeria (CBN).
Justice Sylvanus Oriji on Thursday refused the request for an injunction, rather he directed the service of the court papers on the respondents in the matter.
The suit was brought against the President of the Federal Republic of Nigeria, the Attorney General of the Federation, the Central Bank of Nigeria and the Governor of the Central Bank of Nigeria, by 10 citizens led by Adamu Sarki, on behalf of 20 million unbanked Nigerians.
The applicants prayed the court to grant injunctions restraining the respondents from proceeding with the 31st January 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 the technologically driven platform without the possibility of financial inclusion.
They prayed for another injunction restraining the respondents from the implementation of the revised cash withdrawal limiting the maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week to N100,000 and N500,000 respectively which is a violation of Money Laundering (Prevention and Prohibition Act, 2002), and which also constitutes a flagrant violation of the fundamental rights of the applicants as guaranteed under the 1999 Constitution as well as the African Charter on Human and Peoples Rights (Ratification and Enforcement) Act.
Furthermore, they asked the court to grant an order for an accelerated hearing of the suit and also an order for substituted service on the parties.
The judge has, however, granted an accelerated hearing and substituted service of the processes in the matter and fixed January 10, 2023, for the hearing of the main suit.
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