Human rights lawyer Femi Falana, SAN, and POS terminal operators in Lagos have threatened to sue the Central Bank of Nigeria, CBN, if it does not stop the new cash withdrawal policy that limits cash withdrawals.
Insight Media previously reported that the CBN had directed banks in a letter to limit ATM withdrawals to N20,000 per day. Withdrawals from PoS terminals were also restricted to N20,000 per day, in addition to other cash withdrawal restrictions.
The policy, which is set to go into effect on January 9, 2023, has been met with criticism, but the CBN made clear last Wednesday that PoS operators could apply for waivers.
Falana, on the other hand, called the CBN’s new cash withdrawal limit policy unconstitutional on Monday. As a result, he resolved to seek legal recourse.
“It is disappointing that the Central Bank of Nigeria has been giving updates on the national economy without regard for the Constitution and other relevant laws,” he said.