Ondo state governor, Rotimi Akeredou, has towed the steps of his counterparts in Kaduna, Zamfara and Kogi states, by dragging the federal government to the Supreme Court over the daily cash withdrawals limit policy introduced by the Central Bank of Nigeria (CBN).
Akeredou filed the suit Thursday through an originating summon filed by the state Commissioner for Justice and Attorney-General, Charles Titiloye.
In the originating summons, the suit said the “limitation of daily cash withdrawal at banks since the introduction of the newly redesigned naira has generated tension nationwide owing to the scarcity of the new notes.”
The governor urged the apex court to declare that the Federal Government cannot, by a directive issued through the CBN, “amend or vary an existing act of the National Assembly, particularly section 2 of the Money Laundering Act, which relates specifically to limitations on cash withdrawals for individuals and corporate organisations to N5 million and N10 million, respectively.”
He is also demanding that the “Supreme Court decide whether the guidelines issued by the government on maximum daily cash withdrawal and the hardship caused by the implementation of the policy were not in conflict with the provision of section 2 of the Money Laundering Act, sections 20, 39 and 42 of the CBN Act.
“The guideline on daily maximum cash withdrawal made by the national government is an infraction on the legal rights of the Ondo government and its citizens to access funds for execution of developmental projects, small credit facilities to petty traders (who have no account in banks) and highly detrimental to daily commercial activities in the state,” part of the summons read.
The lawsuit by Akeredolu follows an earlier suit filed by the Governors of Kaduna, Kogi and Zamfara States against the Federal Government asking the court to stop the deadline for the cash swap imposed by the CBN.
According to their lawyer, the policy had caused untold hardship to citizens of their respective states.
The Kano state government, however, is praying a mandatory order seeking a reversal of the federal government policy to recall the N200, N500, and N1,000 notes from circulation due to the policy affecting the economic well-being of over 20 million Kano citizens.
The applicant is also seeking for mandatory order, compelling the federal government to reverse the naira redesign policy for alleged failure to comply with the 1999 Constitution (as amended).
Blueprint reported the Supreme Court had earlier given an interim order to the CBN not to end the use of old naira notes on February 10, 2023, in an ex-parte application by the three applicant states, including Kaduna, Kogi, and Zamfara.
