Group Set To Challenge CBN Over New Currency Policy

A Non-Governmental Organisation under the platform of Rural Right Agenda on Wednesday said it would challenge the new currency policy of Central Bank of Nigeria (CBN), led by Godwin Emefiele in court for reversal.

In a statement by the group Convener, Secretary and Publicity Secretary, Victor Oroko, Philip Tanko, and Adamu Sarki respectively the group described Emefiele’s recent policies as a violation of the country’s  Money Laundering Act, a breach of the constitution and an abuse of the rights of citizens.

The group maintained that there are policies the CBN cannot embark upon without legislative backing.

RRA argued that the President should have approached the National Assembly for necessary appropriation for the minting of the redesigned currencies.

"Since the fund for the printing of the new Naira notes is not captured in the 2022 budget, the President ought to have forwarded a supplementary bill to the National Assembly to enable the withdrawal of funds for the printing of the new Naira notes.

"Without this, the printing of the new Naira without appropriation by the National Assembly will ultimately end up an illegal and unconstitutional venture", the statement reads.

The group cited Section 59 of the Constitution which requires “an appropriation bill or supplementary bill including any other bill for the payment, issue or withdrawal from the Consolidated Revenue Fund or any other public fund of the Federation for any money charged thereon or any alteration in the amount of such payment issue or withdrawal.”

The group also argued that citizens have a right to determine how they wish to withdraw and spend their money, while maintaining some rights to privacy as regards their personal accounts.

The statement from RRA also observed that the new transaction policy is in conflict with the Money Laundering Act which permits far more transaction volume than the recent restrictions by CBN.

“The Money Laundering (Prohibition) Act 2011 makes it illegal for any individual to accept or make any cash payment that exceeds N5m.

"This means that every cash transaction over N5m must be done via a financial institution,” the statement said.