{"id":1070,"date":"2023-03-03T21:43:51","date_gmt":"2023-03-03T20:43:51","guid":{"rendered":"https:\/\/postnigeria.com\/?p=1070"},"modified":"2023-03-03T21:43:51","modified_gmt":"2023-03-03T20:43:51","slug":"new-naira-notes-banks-cash-withdrawal-limit-is-illegal-supreme-court","status":"publish","type":"post","link":"https:\/\/postnigeria.com\/2023\/03\/03\/new-naira-notes-banks-cash-withdrawal-limit-is-illegal-supreme-court\/","title":{"rendered":"New Naira notes : Banks\u2019 cash withdrawal limit is illegal \u2013 Supreme Court"},"content":{"rendered":"\n
The Supreme Court ruled that banks’ cash withdrawal restrictions\u2014imposed as a result of the limited supply of currency notes in use\u2014violated the rights of residents.<\/p>\n\n\n\n
The pronouncement was made in a unanimous ruling issued on Friday by a seven-member court panel chaired by John Okoro.<\/p>\n\n\n\n
Unless authorized by law, a restriction on a property owner’s freedom to use their property is unlawful, according to Emmanuel Agim, a judge on the court’s panel who read the main decision.<\/p>\n\n\n\n
The court issued its ruling in a lawsuit contesting the illegal removal of the old N200, N500, and N1,000 from circulation by the federal government.<\/p>\n\n\n\n
In October 2022, the federal government demonetized its currency and launched the newly redesigned N200, N500, and N1,000 notes.<\/p>\n\n\n\n
Under the policy, the Central Bank of Nigeria (CBN) also placed cash withdrawal limits of maximum of N500,000 weekly on individuals and maximum N5 million weekly on corporate entities.<\/p>\n\n\n\n
Due to a shortfall of the new notes, there has been chaos in the policy’s implementation throughout the nation.<\/p>\n\n\n\n
In a frenzied hunt for cash to cover their basic requirements, many individuals stood in line at ATM locations, but frequently went home empty-handed. Due to the circumstance, those who were denied access to their hard-earned money violently protested.<\/p>\n\n\n\n
In a fruitless effort to divide available cash among the greatest number of residents equally, commercial banks resorted to imposing limits on the amount of cash that clients may withdraw.<\/p>\n\n\n\n
The commercial banks’ actions were deemed a breach of citizens’ rights by the Supreme Court.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Supreme Court ruled that banks’ cash withdrawal restrictions\u2014imposed as a result of the limited supply of currency notes in use\u2014violated the rights of residents. The pronouncement was made in a unanimous ruling issued on Friday by a seven-member court panel chaired by John Okoro. Unless authorized by law, a restriction on a property owner’s […]<\/p>\n","protected":false},"author":1,"featured_media":443,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"yoast_head":"\n