Femi Falana, a Senior Advocate of Nigeria, has described as illegal the Central Bank of Nigeria’s cash withdrawal limits.
It should be recalled that the apex bank recently announced a cash withdrawal limit of N100,000 and a 5 percent processing fee over the counter for individuals and N500,000 for corporate organizations.
Also, the CBN pegged the daily withdrawal from Automated Teller Machines (ATMs) at N20,000.
The new policy is expected to take effect on January 9, 2023 and has generated different reactions in the country.
In a statement personally signed by him, he said the new policy contravenes Section 2 of the Money Laundering Act, 2022.
He made it known that section 2 of the act limits cash withdrawals by individuals to N5 million while that of corporate entities was pegged at N10 million.
The statement read: “Since the money laundering act, 2022 (which has fixed maximum cash withdrawal to N5 million) has not been amended, the limitation of cash withdrawal of not more than N20,000 per day and N100,000 per week fixed by the Central Bank of Nigeria is illegal, null and void in every material.
“We urge the Nigerian people to ignore the illegal announcement.
“However, we are compelled to call on President Muhammadu Buhari to direct the management of the CBN to withdraw the illegal guideline and stop announcing more policies that are designed to sentence poor citizens to more excruciating economic hardship.”
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