From Ndubuisi Orji, Godwin Tsa and Okwe Obi, Abuja
Protesters, yesterday, barricaded the entrance of the National Assembly and called on lawmakers to support the Central Bank of Nigeria (CBN) cashless policy and currency redesign.
The agitators under the umbrella of Initiatives for Patriotic Nigerians argued that the new policy would stabilise exchange rate and promote free and fair elections.
The Convener, Abubakar Kurawa, who spoke in Abuja, said it was not in dispute that proliferation of liquid cash in the hands of many create more damage than good to the country, be it economic, political or security.
“There is no gainsaying that criminals such as kidnappers, drug dealers, oil thieves and so many others not mentioned, always makes use of cash to achieve their illicit goals.
“Given this fact, coupled with the present security challenges across the country, all hands must be on deck to ensure that necessary support is provided to curb the menace. In the case of CBN, the support it can give in this regard is to curtail the money in circulation, hence this policy can’t be more timely.
“Also, this is an election period. Due to amendments of Electoral Acts which makes open manipulation of election results practically impossible, some politicians are likely planning to indulge in massive vote buying (we witnessed what happened in the recently concluded Ekiti and Osun gubernatorial election).
“To this end, CBN is playing its corporate social responsibility by making sure that huge cash withdrawals is made very difficult or impossible. By this, it helps in ensuring free and fair elections.”
Meanwhile, House of Representatives has rescheduled the appearance of the CBN governor, Godwin Emefiele, before the parliament for Tuesday next week.
Deputy Speaker, Idris Wase, who disclosed this at plenary, said Emefiele, who was scheduled to appear yesterday had written to say he was out of the country.
The House had last week summoned the CBN governor to appear before him over the new cash withdrawal limit approved by the apex bank. The CBN pegged the maximum cash withdrawal by individual per week at N100,000 and N500,000 for corporate organisations. Also, the maximum daily limit for individuals at N20,000, effective from January 9, 2023.
Regardless, lawmakers, while debating a motion on the propriety of the new cashless policy, had argued that the policy if allowed to stand would strangulate the economy, as well as impose hardship on the people.
According to them, contrary to Section 8(4)(5) of the CBN Act, which mandates the apex bank to brief the National Assembly on monetary policies, at intervals, Emefiele has allegedly kept the parliament in the dark on major policies by the CBN.
However, the CBN governor, in a letter to the House, informed the lawmakers that he was part of President Muhammadu Buhari’s delegation to the Washington DC, and would not be available.
However, a high court of the Federal Capital Territory, Abuja, has refused to stop the new cash withdrawal policy of CBN.
Rather, Justice Chizoba Oriji granted an order for accelerated hearing of the motion on notice filed on behalf of 20 million unbanked Nigerian citizens.
Those who filed the suit marked FCT/HC/CV/724/2022 for themselves and on behalf of 20 million unbanked Nigerian citizens are, Adamu Sarki, Shekwoyi Gaza; Philip Tanko; Victor Okoro and Ismaila Ibrahim.
The rest are Mohammed Rabo; Yunusa Musa Gani; Helen Luka; Suleiman Yusuf and Adamu Gaidam Asu.
Listed as respondents are the president, the Attorney General of the Federation, CBN and the governor of the apex bank.
In an exparte motion moved by their counsel, P. A Obu, the applicants prayed the Court to grant injunctions restraining the Respondents from proceeding with the January 31, 2023 deadline of the use of the current N200, N500 and N1,000 notes as it affects the applicants without any realistic plans or workable guidelines to cover the over 20 million unbanked Nigerians who are vulnerable to information and the use of technologically driven platform without the possibility of financial inclusion.
They prayed for another injunction restraining the Respondents from implementing the revised cash withdrawal limiting the maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week to N100, 000 and N500, 000 respectively which is a violation of the Money Laundering (Prevention and Prohibition Act, 2002 which also constitutes a flagrant violation of the fundamental rights of the applicants as guaranteed under the 1999 Constitution as well as the African Charter on Human and Peoples Rights (Ratification and Enforcement) Act.
Furthermore they asked the Court to grant an order for accelerated hearing to the Suit and also an order for substituted service on the parties while also praying for the order of court mandating the CBN to produce a detailed plan and guidelines covering the over 20 million unbanked citizens who are vulnerable to the use of telecommunication and technologically driven money platforms.
Justice Oriji having listened to the counsel to the applicants refused the prayers for injunction but rather directed that all the respondents be put on notice to come and show cause why the order for injunction should not be granted against them.
The judge thereafter adjourned the matter to January 10, 2023 after granting orders for accelerated hearing and substituted service.
