Femi Falana, SAN, a human rights lawyer, and POS terminal owners in Lagos have vowed to sue the Central Bank of Nigeria, CBN, if it does not stop the new cash withdrawal policy that limits cash withdrawals.
Anaedoonline.ng previously revealed that the CBN had asked banks to limit ATM withdrawals to N20,000 per day in a letter. Withdrawals from PoS terminals were also restricted to N20,000 per day, in addition to other cash withdrawal limits.
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The regulation, which is set to take effect on January 9, 2023, has been met with controversy, but the CBN confirmed last Wednesday that PoS operators can seek for exceptions.
Falana, on the other hand, called the CBN’s new cash withdrawal limit regulation unlawful on Monday.
As a result, he resolved to take legal recourse.
“It is embarrassing that the Central Bank of Nigeria has been making announcements without regard to the Constitution and other relevant laws on the national economy,”.
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