By Gabriel Oshokha
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Friday, March 3 hinted that CBN may still continue with the implementation of its withdrawal limit policy in spite of the Supreme Court ruling on the policy.
The apex court had in its ruling on Friday, March 3 reversed CBN’s deadline on the legal tender of N200, N500 and N1,000 notes, and set December 31, 2023 deadline as the new date the old naira notes would cease to be legal tender.
The media reported that the recent Supreme Court judgement, however, did not make a definite pronouncement on the apex bank’s cash withdrawal limit, which according to CBN, was meant to reduce cash in circulation.
Recall that CBN had in December 2022 mandated deposit money banks (DMBs), and other financial institutions to limit over-the-counter withdrawals by individuals to N100,000 and N500,000 by corporate bodies.
The apex bank had in a circular stated that the policy became effective on January 9, 2023, while the media also reported that CBN again reviewed the policy in January, and increased weekly withdrawals by individuals to N500,000 and N5 million by corporate bodies.
According to media reports, the Supreme Court judgment, however, did not mention the withdrawal limit by individuals and corporate bodies in its judgment delivered on Friday.
Justice Emmanuel Akomaye Agim held that President Muhammadu Buhari unlawfully directed CBN to introduce the new naira notes without consulting relevant bodies and agencies of government.
Agim said Buhari’s unconstitutional use of power in redesigning the naira had breached the rights of Nigerians in many ways.