2 lawyers sue Buhari, CBN, Emefiele over cashless policy
President Muhammadu Buhari, the Central Bank of Nigeria, CBN, and five other parties have been sued by two Abuja-based attorneys in an effort to enforce their fundamental rights in opposition to the recently implemented cashless policy.
The CBN is being ordered by the two attorneys, Ayodele Ademiluyi and Aare Oladotun Hassan, to act in accordance with Section 22 of its Act and Section 1 (3) of the Banks and Other Financial Institutions Act 2020 in order to permit them and all Nigerians to exchange old naira notes for new ones after February 10 and 17 of 2023.
The plaintiffs requested a second injunction to prevent Buhari, the CBN, and other defendants from enforcing the February 10 deadline until the great majority of Nigerians have access to the new naira notes.
Other defendants in the new lawsuit, in addition to President Buhari and the CBN, include the Attorney General of the Federation (AGF), the Minister of Finance, and Godwin Emefiele, the governor of the Central Bank of Nigeria.
The lawyers requested a court order requiring the defendants to pay them N500 million as general and exemplary damages for the hardship they suffered as a result of the policy, alleging that the implementation of the cashless policy without adequate arrangements has caused them and their families untold hardships.
They filed the lawsuit, which has the case number FHC/ABJ/CS/183/2023, on their own behalf.
The plaintiffs stated in their 16-paragraph statement in support of the originating summons that the widespread fuel shortage that has rendered life intolerable for the majority of Nigerians is a result of the CBN setting a deadline for the replacement of the old naira notes with new ones.
Ayodele Ademiluyi claimed in his affidavit that the new naira notes had not been distributed widely because many commercial banks’ Automated Teller Machines (ATMs) were not dispensing them.
They added that Godwin Emefiele’s actions would continue to violate the CBN Act’s requirements by establishing an exchange deadline without providing adequate notice unless the court steps in.
The hearing date for the lawsuit has not yet been set.
