HomeNewsFalana gives CBN 7-day ultimatum on new naira notes

Falana gives CBN 7-day ultimatum on new naira notes

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Foremost right activist and Senior Advocate of Nigeria, Femi Falana, has written the Central Bank of Nigeria, CBN, demanding details of the new naira notes disbursed to commercial banks nationwide.

Falana also demanded that the CBN provide a list of customers who have withdrawn more than the N100,000 maximum sum required by the CBN.

Recall that the apex bank had maintained that it printed enough new N200, N500, and N1,000 notes to go around, despite claims that politicians were hoarding the new notes.

But, in a letter from Falana Chambers, signed by Femi Adedeji, ESQ, and dated February 16, 2023, Falana demanded that the CBN provide details on how the new notes were disbursed to commercial banks.

According to Falana, there is unprecedented social dislocation, pain, and pangs for the masses of Nigeria at the present time as a result of the twin problems of currency and fuel scarcity. 

“In order to bring the situation under popular control, it is considered imperative for the CBN to urgently disclose the amount of new currency notes printed and distributed through the commercial banks for the public’s knowledge on the following grounds,” he stated. 

The letter partly reads, “Our attention has been drawn to your statement wherein you claimed that some unnamed politicians have mopped up the new naira notes made available to all commercial banks by the Central Bank of Nigeria.”

“We are compelled to request that you furnish us with information concerning the amount of the designed notes of N200, N500, and N1,000 denominations made available to each commercial bank by the Central Bank of Nigeria.

“Furthermore, we also request that you furnish us with the list of customers of the commercial banks who collected more than N100,000 approved by you from the commercial banks,” it stated.

Falana also threatened to take legal action should the CBN fail to provide the information within seven days.

“As this request is made pursuant to the provisions of the Freedom of Information Act 2011, you are required to accede to our request within seven days of the receipt of this letter.”

“Take notice that if you fail or refuse to furnish us with the requested information before the deadline of seven days, we shall not hesitate to pray the Federal High Court to compel you to accede to our request.”

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