Court Describes CBN Cashless Policy in Southern Nigeria as Biased

Court Describes CBN Cashless Policy in Southern Nigeria as Biased

A lawyer from the Akwa Division of the Federal High Court, Chijioke Ifediora has filed a suit seeking to declare CBN’s cashless policy in the Southern part of Nigeria as discriminatory.

Chijioke Ifediora emphasised that the policy is in contravention to Section 42 of the 1999 constitution of Nigeria.

Peoples Gazette reports that the Presiding Judge, N.O. Dimgba has called on the CBN to provide justification for such policy from the law, adding that such policy is unreasonable.

Justice emphasized, “Assuming that the cashless policy is beneficial to the nation for its financial stability and growth, and inevitably demands the imposition of financial levies on banking customers as an incident of its operationalisation, why will residents in some named states suffer this disability while those in other states do not?”  Information Guide Nigeria

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N.O. Dimgba said, “This aspect of the policy imposing financial levies on lodgements/deposits, in my view, appears unreasonable. And it makes no difference if same was applied throughout the federation or limited to only the residents of a few states”.

According to Peoples Gazette, Mr Ifediora recalled an incident in January 2020 when he deposited N600,000 but was informed by a staff in the bank that he had to pay a charge of three per cent of the said amount.

He said, “On enquiry, I was shown a Central Bank circular which was pasted across the cash machine PSM/DIR/CON/CWO/02/014 published on September 17, 2019, mandating the bank to charge three percent for lodgement above N500,000”. Jamb Results

According to Peoples Gazette, CBN argued that Mr Ifediora had no legal grounds to institute an action on behalf of residents and corporate institutions in the five states where the policy has been established.

The CBN directed banks in Abuja, Abia, Kano, Lagos, Anambra, Rivers, and Ogun state to charge three percent processing fee for withdrawal on individual transactions above N500,000 and five percent charges on corporate transactions above N3 million in addition to already existing charges which takes effect from March 31, 2020.

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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