A Senior Advocate of Nigeria, Mr Abiodun Owonikoko has stated that the Central Bank of Nigeria (CBN) and the Commercial Banks are violating citizens right by either limiting cash withdrawal below the legal threshold or making naira notes unavailable to citizens who want to access it.
The Senior Advocate of Nigeria who spoke on Arise News interview monitored by The News Chronicle noted that the apex bank went against an established law for limiting individual withdrawal to N500,000 and N5 million for individuals and organisations respectively or making naira notes unavailable to people after they have trusted the banks with their money.
It will be recalled that the Central Bank of Nigeria stated that naira redesign and withdrawal limitation is to address issues of excessive currency circulation, counterfeiting and terrorism.
However, relying on the position of another Senior Advocate of Nigeria, Mr Femi Falana; Abiodun Owonikoko SAN noted that the Money Laundry Act 2022 gives individuals the right to withdraw up to N5 million while corporate organisations can withdraw up to N10 million.
Recall that a Human Right Lawyer, Mr Femi Falana faulted the Central Bank of Nigeria on the new withdrawal limit describing it as illegal, null and void.
“Since the Money Laundering Act 2022 (which has fixed maximum cash withdrawal to N5 million) has not been amended, the policy as fixed by the Central Bank of Nigeria is illegal, null and void in every material’’. Mr Femi Falana SAN said in a statement.
Meanwhile, the Governor of Edo State, Godwin Obaseki has lend his voice to naira redesign policy, stating that the policy will enable Nigeria to pursue a cashless policy.
Despite the challenges faced by Nigeria while trying to access the new naira notes, the governor who is also an economist noted that the policy is the right decision to cashless economy.
