Cash withdrawal limit: Falana, PoS operators in Lagos threaten lawsuit against CBN
Point of Sale (POS) terminal operators in Lagos and human rights attorney Femi Falana, SAN, have threatened to sue the Central Bank of Nigeria (CBN) if it does not stop the new cash withdrawal policy that restricts cash withdrawals.
This online newspaper previously reported that the CBN had instructed banks in a letter to limit ATM withdrawals to N20,000 per day. In addition to other limitations on cash withdrawals, PoS terminals only allowed a daily withdrawal of N20,000.
Read Also: BREAKING: CBN Reduces Over-The-Counter Withdrawals To N100k, N500k Per Week For Individuals And Companies
The CBN clarified last Wednesday that PoS operators could apply for waivers. The policy, which is anticipated to take effect on January 9, 2023, had drawn criticism.
Falana, however, referred to the CBN’s new cash withdrawal limit policy as unconstitutional on Monday. He vowed to take legal action as a result.
See Also: What is the new CBN policy? Benefits and bad sides of CBN withdrawal limit
The fact that the Central Bank of Nigeria has been making announcements without taking into account the Constitution and other pertinent laws regarding the national economy is embarrassing, he said.
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