the central bank of Nigeria (CBN) May go ahead with implementing it’s cash withdrawal limit policy Despite the ruling of the supreme court on Friday March 3,2023.
The Apex court in it’s judgement old # 200,#500,#1000 note as legal tender and set a new date of December 31,2023
But the supreme court ruling didn’t affect the Apex bank’s cash withdrawal limit, which it says is meant to reduce cash in circulation on December 2022,CBN mandated deposit money bank’s and other financial institution to limit over the counter withdrawal to #100,000 weekly for individuals and #500,000 for corporate bodies respectively the circular containing the cash withdrawal limit stated that the policy became effective on January 9,2023.
The CBN reviewed the policy in January and increased weekly withdrawal’s for individuals to #500,000 and #5 million for corporate bodies.
There was no mention of this during the supreme court judgement of Friday.
in a unanimous judgement the supreme court criticized president Muhammdu Buhari approval and a breach of the fundamental Rights of Nigerians.
Justice Agim held that Buhari acted without consulting relevant bodies and agencies of government before directing the CBN to introduce the new Nair notes unlawfully.
Agim said Buharis unconstitutional use of power’s in redesigning the Nair had breached the right of Nigerians in many ways.
Irrespective of the ruling,CBN might still implement the cash withdrawal limit as the supreme court judgement was silent on it.
