Activist lawyer Femi Falana (SAN) has said that the decision of the Central Bank of Nigeria (CBN) fixing N20, 000 and N100,000 limits for daily and weekly withdrawal by individuals from January 9, 2023 is illegal, null and void in every material.
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He also noted that the CBN has also ordered Deposit Money Banks (DMOs) and other financial Institutions to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively.
Falana said since the Money Laundering Act 2022, which has fixed maximum cash withdrawal to N5 million, has not been amended, the limitation of cash withdrawal of not more than N20,000 per day and N100,000 per week fixed by the CBN is illegal.
Falana, who is the Chair of the Alliance on Surviving COVID- 19 and Beyond (ASCAB), stated this in a statement in Lagos titled: “Maximum withdrawal limit is N5m in Nigeria”.
The regulatory directives will take effect nationwide from January 9, 2023.
It limited the maximum cash withdrawal per week via Automatic Teller Machine (ATM) to N100,000 subject to a maximum of N20,000 cash withdrawal per day.
Falana urged Nigerians to ignore the illegal announcement.
He also requested President Muhammadu Buhari to direct the management of the CBN to withdraw the illegal guideline and stop announcing more policies that are designed to sentence poor citizens to more excruciating economic hardship.
The senior lawyer said it was embarrassing that the CBN has been making announcements without any regard to the constitution and other relevant laws on the national economy.
He said it is particularly worrisome that the Governor of the CBN has purportedly placed a limitation on cash withdrawals in Nigeria in complete defiance of the Money Laundering Act.
According to him, section 2 of the Money Laundering Act, 2022 provides as follows: “2. (1) No person or body corporate shall, except in a transaction through a financial institution, make or accept cash payment of a sum exceeding (a)N5,000,000 or its equivalent, in the case of an individual or (b) N10,000,000 or its equivalent, in the case of a body corporate.
“(2) A person shall not conduct two or more transactions separately with one or more financial institutions or designated non-financial businesses and professions with intent to (a) avoid the duty to report a transaction which should be reported under this Act and (b) breach the duty to disclose information under this act by any other means.”
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