Lawyer sues CBN, seeks extension of deadline for old banknotes
Joshua Alobo has approached the Abuja Division of the Federal High Court, praying the court to stop the Central Bank of Nigeria (CBN) from implementing the January 31 deadline to phase out the old naira notes (N200, N500 and N1,000).
Mr Alobo, in the suit marked: FHC/ABJ/CS/114/2023, also prayed the court to make an order extending the duration when the old banknotes would cease to be legal tender for three weeks. Listed as first to third defendants in the suit are the CBN, the CBN governor, Godwin Emefiele, and the attorney general of the federation, Mr Abubakar Malami.
He said this was to give time for when commercial banks would have enough new notes to dispense.
In an affidavit deposed by a citizen, Musa Damudi, the plaintiff told the court that the CBN governor had, on October 26, announced that the apex bank would introduce a new series of redesigned N200, N500 and N1,000 banknotes into the financial system.
The lawyer said the decision, though a welcome idea, is causing anxiety among Nigerians, especially the less privileged, as they have yet to access the new naira notes.
He said that although the new notes, unveiled on November 23 by President Muhammadu Buhari to curb inflation and entrench a cashless society to curb money laundering and corruption, their unavailability was causing apprehension among Nigerians.
Mr Alobo accused banks of failing to make the new notes available to their customers, adding that as of December 25, he was still given the old notes on the counter and through the automatic teller machine (ATM).
The law professor argued that the January 31 deadline discriminates against rural dwellers, poor and less privileged persons.
“This is as politically exposed persons are paid with the redesigned notes. The cashless policy of the CBN is innovative and a welcome development but the rural dwellers that constitute the bulk of the population do not have access to internet and banking facilities,” Mr Alobo explained. “The current daily limit of transaction to N20,000 is against the central bank’s daily limit of N100,000.”
A date has been fixed to hear the case.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
Museum unveils memorial sculpture to immortalise Onyeama N’Eke
The National Museum of Unity, Enugu, on Wednesday unveiled a memorial sculpture and a permanent exhibition gallery in honour of Onyeama N’Eke.
Health
Kwara assembly backs malaria elimination
The Kwara House of Assembly has reaffirmed support for efforts to eradicate malaria and expand healthcare infrastructure across the state.
NationWide
Tambuwal seeks review of housing agencies, better funding for FMBN
Mr Tambuwal called for stronger funding for the Federal Mortgage Bank of Nigeria (FMBN) and a review of government housing policies.
States
Oyo Terrorists: Senate honours slain soldiers, teachers with N50 million donation
Senate president Godwill Akpabio, who gave the approval during the plenary on Wednesday, stated that each of the five bereaved families would receive N10 million.
Anti-Corruption
Ghanaian socialite fraudster Abu Trica faces 20 years in U.S. prison
Abu Trica has been charged with conspiracy to commit wire fraud and money laundering conspiracy.
Health
NANNM-FHI issues 15-Day ultimatum to FG over Kaduna Hospital crisis
The nurses gave an ultimatum that, if an alleged victimisation of its members at the Federal Neuropsychiatric Hospital, Barnawa, Kaduna, was not addressed by July 29.
