CBN’s Cash Withdrawal Limits Is ‘Illegal’ – Falana

Human rights lawyer Femi Falana has faulted the Central Bank of Nigeria’s (CBN) new cash withdrawal limit, describing it as “illegal, null and void”.

The CBN had ordered Deposit Money Banks (DMOs) and other financial institutions to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively.

The CBN also fixed daily maximum withdrawals via point of sale (PoS) terminals at N20,000. The apex bank said the move will take effect from January 9, 2023.

But in a statement on Monday, Falana said the recent move by the apex bank is “embarrassing” and contravenes the country’s law.

“Since the Money Laundering Act 2022 (which has fixed maximum cash withdrawal to N5 million) has not been amended the limitation of cash withdrawal of not more than N20,000  per day and N100,000  per week fixed by the Central Bank of Nigeria is illegal, null and void in every material. We urge the Nigerian people to ignore the illegal announcement,” the lawyer said.

“However, we are compelled to call on President Muhammadu Buhari to direct the management of the CBN to withdraw the illegal guideline and stop announcing more policies that are designed to sentence poor citizens to more excruciating economic hardship.

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