Femi Falana, SAN, a human rights lawyer, and POS terminal operators in Lagos have threatened to sue the Central Bank of Nigeria, CBN, if it does not stop the new cash withdrawal policy that limits cash withdrawals.
In a letter, the CBN directed banks to limit ATM withdrawals to N20,000 per day. Withdrawals from PoS terminals were also restricted to N20,000 per day, in addition to other cash withdrawal limits.
The policy, which is set to go into effect on January 9, 2023, has been met with criticism, but the CBN clarified last Wednesday that PoS operators could apply for waivers.
Falana, on the other hand, called the CBN’s new cash withdrawal limit policy unconstitutional on Monday. As a result, he resolved to seek legal recourse.
“It is embarrassing that the Central Bank of Nigeria has been making announcements without regard to the Constitution and other relevant laws on the national economy,” he said.