Naira Scarcity: Gov Akeredolu Drags FG, CBN To Supreme Court 

Governor Rotimi Akeredolu of Ondo State has dragged the Federal Government, FG to the Supreme Court over naira redesign policy and the limitation on daily cash withdrawals from banks introduced by the Central Bank of Nigeria CBN.

Recall that the CBN placed a maximum weekly withdrawal for individuals and corporate organisations at N500,000 and N5 million, respectively.

READ ALSO: Naira Scarcity: I’ve Been Living With N20,000 – Femi Adesina

Akeredolu, in an originating summon filed by Ondo Attorney-General Charles Titiloye, asked the Supreme Court to declare that the federal government cannot, by a directive issued through CBN, amend or vary an existing act of the National Assembly, particularly section 2 of the Money Laundering Act, which relates specifically to limitations on cash withdrawals for individuals and corporate organisations to N5 million and N10 million, respectively.

The Governor also prayed the apex court to decide whether the guidelines issued by the federal overnment on maximum daily cash withdrawal and the hardship caused by the implementation of the policy were not in conflict with the provision of section 2 of the Money Laundering Act, sections 20, 39 and 42 of the CBN Act.

He contended that the guideline on daily maximum cash withdrawal made by Buhari administration was an infraction on the legal rights of the Ondo government and its citizens “to access funds for execution of developmental projects, small credit facilities to petty traders (who have no account in banks) and highly detrimental to daily commercial activities in the state.”

The Ondo government has also filed a separate application before the Supreme Court seeking to join the suit instituted by Zamfara, Kaduna, and Kogi on the cash swap time frame.

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