Falana threatens litigation against CBN

Femi Falana, a lawyer and human rights crusader, has threatened to sue the Central Bank of Nigeria (CBN), if it fails to give details of disbursement of the new banknotes to commercial banks.

In addition, Falana equally wants the Bank to give details of depositors that are able to withdraw the maximum N100, 000 approved by the CBN, since it introduced the naira policy.

The senior lawyer says he is giving the CBN seven days to comply with his demand or face legal action.

While the currency scarcity continues to affect Nigerians and small businesses, the CBN insists it printed sufficient banknotes to circulate the economy. The Bank in a recent statement denied that the Nigerian Security Printing and Minting Company (NSPMC) lacked the capacity to print the required volume of currency needed in the economy.

The federal government and the CBN had redesigned the N200, N500, and N1, 000 banknotes. Following, the CBN gave the February 10 deadline within which Nigerians could swap their old currencies for the newer variants. Nigerians are facing hardship, due to their inability to swap old banknotes and withdraw the newer currencies at banks and automated teller machine points.

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