New Naira Notes : The CBN in Violation of Its Policy , The Money Laundry Act , 2022 And The Constitution -By Chief Malcolm Emokiniovo Omirhobo.

By Chief Malcolm Emokiniovo Omirhobo

In preparation for the distribution of the redesigned naira notes, the Central Bank of Nigeria via its Monetary Policy BSD/DIR/PUB/LAB/015/073, limited over-the-counter cash withdrawals by individuals and corporate entities to N100, 000.00 and N500, 000.00 respectively, per week.

 




 

As a result of public out cry and pressure from the National Assembly, the CBN adjusted the withdrawal limits upwards via its directive allowing individuals to withdraw up to N500,000 .00 weekly and organisations, N5,000,000.00 weekly.


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With the commence of the new Naira notes swapping for old ones, the new Naira notes became scares and has lead to the untold hardship of Nigerians.

At the session of the House of representatives committee over the new Naira notes with the central bank governor of Nigeria, I was disappointed at the law makers because they could not call a spade a spade by asking the CBN governor why the new Naira notes is scares. They could not muster enough courage to ask the CBN governor why is the CBN in violation of its own monetary policy and directives on cash withdrawal.limits .

I expected the law makers to quiz the CBN governor as to why the CBN cash limit policy is inconsistent with section 2 (1) of the Money Laundering (Prevention and Prohibition) Act, 2022. that allows maximum cash withdrawal by individuals ofN5,000,000.00 and corporate organizations N10,000,000.00 .

The law makers knew that Godwin Emefiele was the gorilla in room but did nothing and allowed him to blab away as they keep thanking him for coming instead of protecting the interest of the Nigerian public that are going through untold hardship because they cannot accesses their money in banks having deposited the old Naira notes and cannot get the new notes which is being rationed to every individual at N20,000 00 per person .via the ATM Machine ..

How can the CBN explain the situation where I paid in N500,000 .00 of the old Naira notes over the counter and I am unable to withdraw N100,000.00 of the new Naira notes immediately and I compelled to draw only N20,000.00 from the ATM.

This is a clear violation of fundamental right of Nigerians to own movable property as guaranteed by section 44 (1) of the Constitution of the Federal Republic of Nigeria (As Amended), 1999 .

Unless the CBN complies with its policies and directives, the situation may lead to civil unrest which is uncalled for at the verge of the 2023 elections .

Something needs to be done quickly to ameliorate plight of Nigerians.

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