N150,000 withdrawal limit: Court can’t stop me, says Sanusi

ABUJA – The Governor of the Central Bank, Mallam Sanusi Lamido Sanusi, Tuesday,  told a Federal High Court in Abuja that it was bereft of the powers to reverse his policy directive that limited daily cash withdrawals in the country to N150, 000, for individuals and N1million for corporate entities.
The CBN governor through a preliminary objection he filed in court, Tuesday, equally challenged the propriety of a suit that was entered against him by eleven communities in the riverine areas of Delta state, contending that they lacked the locus standi to take him to court over the policy guideline he issued to all the banks and other financial institutions on April 20.
It would be recalled that the village heads of the communities went before the High Court, praying it to void the decision of the CBN boss on the premise that it was arbitrary and unconstitutional, adding that it should be declared illegal.

Sanusi Lamido

The plaintiffs who maintained that going ahead with such plan would amount to an infringement on their fundamental rights as enshrined in the 1999 constitution as amended, equally joined the Office of the Attorney-General of the Federation as a defendant in the suit.
The communities behind the suit were Akpakpa, Ogidigben, Madagho, Ijalla, Kantu, Omadino, Ogheye, Dheghe, Ajudaibo, Obaghoro and Okrigho.
They specifically sought for an order of perpetual injunction, restraining the CBN and its governor, from implementing such policy, pending the hearing and determination of their substantive suit.
However, Sanusi in a Notice of Preliminary objection he filed through his counsel, Mr Damian Dodo, SAN, yesterday, urged the court to dismiss the suit in its entirety, arguing that the plaintiffs failed to disclose a reasonable cause of action.
According to him, “this suit was instituted in substantial disregard to the provisions of section 52(1) (2), of the CBN Act 2007, section 53(1) (2) and 57 (1) (2) of the Banks and other Financial Institutions Act (BOFIA), Cap B3 LFN, 2004.”

Culled from : Vanguard Newspaper