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.
The implementation of the policy has been chaotic as shortage in supply of the new notes created scarcity of cash across the country.Many citizens queued at ATM centres in a chaotic scramble for cash to meet their basic needs but often returned home empty-handed. The situation sparked violent protests by desperate citizens deprived of gaining access to their hard-earned money.
The Supreme Court declared such action by the commercial banks as a violation of the rights of the citizens. He also said he was not aware of any law “that permits the 1st defendant to direct the imposition of limits on the cash to be paid from a customer’s account after deposit of the old naira notes”.
Court has become last resort for Monetary affairs and ctr in Nigeria.
Lol
So now what are legal ones?