A Federal High Court in Abuja has struck out a suit challenging the Central Bank of Nigeria (CBN)’s June 23, 2014 guidelines for the operation and registration of Bureau de Change in Nigeria.
![](https://thenigerialawyer.com/wp-content/uploads/2026/01/SADR.jpeg")
![](https://thenigerialawyer.com/wp-content/uploads/2024/11/TheNigerialawyer-WhatsApp-Channel1.jpg")
Justice Evelyn Maha dismissed the suit filed by a firm, E E-Flow Bureau de Change Ltd, against the CBN for want of merit.
The judge upheld the CBN’s argument canvassed by its counsel Mr Damian Dodo and Professor Fabian Ajogwu, both Senior Advocates of Nigeria (SANs).
The plaintiff commenced the suit on October 17, 2014 seeking an order mandating the CBN to pay it over N150million in damages for the alleged unlawful reversal of the requirements for the operation of Bureau de Change in Nigeria.
But the CBN, through Dodo andAjogwu, SAN, filed an objection challenging the court’s jurisdiction to hear the matter.
They contended that the suit was instituted outside the three-month period prescribed by the Public Officers Protection Act Cap P41, LFN 2004.
They argued further that the CBN acted in good faith in issuing the new requirements for the operation of Bureau de Change in Nigeria, and as such is protected against any adverse claim as provided in the Central Bank of Nigeria Act, 2007.
They noted, among others, that the guidelines followed some deficiencies observed by the CBN in the operational effectiveness of BDCs which militate against the achievement of their objectives.
To address this challenge, the CBN commenced the reform of the sub-sector and issued revised guidelines which, among others, reviewed upwards the minimum capital requirement for BDCs.
According to the CBN, this would further strengthen the institutions and reposition them to perform their statutory roles.
Justice Maha delivered the judgment on February 17, 2020.
The promotion, which commenced on January 8 and runs until February 8, 2026, offers five core maritime law books authored by Dr. Emeka Akabogu, SAN, ordinarily valued at N405,000, for just N150,000 — a 63% discount.
Interested buyers can place their orders through the following channels:
Phone: 0704 329 3271
Online Store: https://paystack.shop/aa-bookstore
Website: www.akabogulaw.com
______________________________________________________________________
ARTIFICIAL INTELLIGENCE FOR LAWYERS: A COMPREHENSIVE GUIDE
Reimagine your practice with the power of AI “...this is the only Nigerian book I know of on the topic.” — Ohio Books Ltd
Authored by Ben Ijeoma Adigwe, Esq., ACIArb (UK), LL.M, Dip. in Artificial Intelligence, Director, Delta State Ministry of Justice, Asaba, Nigeria.
Bonus:
Get a FREE eBook titled “How to Use the AI in Legalpedia and Law Pavilion” with every purchase.
How to Order: 📞 Call, Text, or WhatsApp: 08034917063 | 07055285878 📧 Email: benadigwe1@gmail.com 🌐 Website: www.benadigwe.com
Ebook Version: Access directly online at: https://selar.com/prv626
________________________________________________________________________ The Law And Practice Of Redundancy In Nigeria: A Practitioner’s Guide, Authored By A Labour & Employment Law Expert Bimbo Atilola
_______________________________________________________________________
[A MUST HAVE] Evidence Act Demystified With Recent And Contemporary Cases And Materials
