Lawyer sues CBN, seeks extension of deadline for old banknotes

Spread the love

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.


Log in to primsol.lawpavilion.com and enjoy the best E-journals, textbooks, and many more

To subscribe to Primsol, go to store.lawpavilion.com.

For further enquiries/assistance, send an email to customercare@lawpavilion.com or call 08050298729


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.



Call Bridget Edokwe Esq on 08060798767 or send your email to ngbarrister@gmail.com



Get ‘Personal Property Law in Nigeria’ By Chief Mike A.A. Ozekhome, SAN (FREE)

Click below to download FREE

https://www.pulp.up.ac.za/monographs/personal-property-law-in-nigeria

This topical new book engages fully the knotty areas of Lawyer/client, Lawyer/court and lawyer/lawyer relations.

Price: N7,000

Contact: 08036064470, 08183531785


CLICK HERE TO KNOW MORE ABOUT THIS BOOK Call: 08038784639 to get a copy handy now @ N5,000. The book is also available at the Nigerian Law School Book Bookshop Lagos, call the number to pick your copy

ADVERTISEMENT

BESTSELLER: Commercial and Economic Law in Nigeria By Chief Mike Ozekhome, SAN [ORDER NOW] To ORDER click the link https://kluwerlawonline.com/EncyclopediaChapter/IEL+Commercial+and+Economic+Law/COMM20210001

Price – N20,000 only To Order – WhatsApp, text or call – 08037009616 Office – No 1 Dyaji Close, Rayfield, Jos


Buy the Book on Military Law, authored by a Veteran Military Lawyer, and launched personally by the then COAS.

SHOP NOW  CALL THIS PHONE NUMBER 07087622283 TO GET A COPY



To get a copy kindly Call 07044444777, 07044444999 & 08181999888 or visit us at: Investment House, 7th Floor, 21/25 Broad St., Lagos. Buy online @ www.alexandernigeria.com


Available at Frank Agbedo & Co. Crown Chambers. 5th floor, left wing, Nipost Building, Lagos Island, Lagos State. Tel: 08033254471, 09077950432 Email: frankagbedo@gmail.com

Steps To Subscribe To the Court of Appeal Reports Nigeria


%d bloggers like this: