Banks’ cash withdrawal limit is illegal – Supreme Court
The Supreme Court has adjudged the cash withdrawal limits imposed by banks as a result of scarcity of currency notes in circulation as a violation of citizens’ rights.
A seven-man panel of the court led by John Okoro made the declaration in a unanimous judgement delivered on Friday.
“Such restriction on an owner’s right to freely use his or her property is illegal unless provided for by a law,” Emmanuel Agim, a member of the court’s panel who read the lead judgement, held.
The court handed down the decision in a suit challenging the federal government’s illegal withdrawal of the old N200, N500, and N1,000 from circulation.
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