National News

Banks’ cash withdrawal limit is illegal – Supreme Court

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.

ALSO READ: Supreme Court orders old N200, N500, N1,000 notes to remains in circulation till December 31

“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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