CBN to proceed with cash withdrawal restrict policy despite Supreme Court docket declare
The Central Bank of Nigeria (CBN) can also simply hotfoot ahead with implementing its cash withdrawal restrict policy despite the ruling of the Supreme Court docket on Friday, March 3, 2023.
The apex court docket in its judgement reversed CBN’s closing date for the exercise of the former N200, N500, and N1000 notes as proper soft and field a brand fresh date of December 31, 2023.
Nonetheless the most modern Supreme Court docket ruling did no longer occupy an impress on the apex monetary institution’s cash withdrawal restrict, which it says is supposed to diminish cash in circulation.
On December 2022, CBN mandated deposit cash banks and various monetary institutions to restrict over-the-counter withdrawals to N100,000 weekly for folk and N500,000 for corporate bodies, respectively.
The circular containing the cash withdrawal restrict said that the policy grow to be efficient on January 9, 2023.
The CBN reviewed the policy in January and increased weekly withdrawals for folk to N500,000 and N5 million for corporate bodies.
READ ALSO:CBN to take N1.13tn for Nigerian govt via Treasury Funds in Q2
There used to be no point out of this for the length of the Supreme Court docket judgement of Friday.
In a unanimous judgment, the Supreme court docket criticized President Muhammdu Buhari’s approval of the policy as unconstitutional and a breach of the fundamental rights of Nigerians.
Justice Agim held that Buhari acted without consulting linked bodies and agencies of authorities sooner than directing the CBN to introduce the fresh naira notes unlawfully.
Agim said Buhari’s unconstitutional exercise of powers in redesigning the naira had breached the rights of Nigerians in some ways.
No topic the ruling, CBN might perchance peaceable put into effect the cash withdrawal restrict because the Supreme Court docket judgment used to be still on it.
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