A Federal High Court sitting in Awka, Anambra State, and presided over by Justice N.O. Dimgba, has ruled as discriminatory the cashless policy of the Central Bank of Nigeria on six states of the federation and the Federal Capital Territory. The states are Anambra, Abia, Lagos, Ogun, Kano and Rivers
This followed a suit instituted by an Anambra-based legal practitioner, Chijioke Ifediora, against the apex court, describing the policy as discriminatory and offending section 42 of the 1999 Constitution.
Ifediora told the court, “On the January 7, 2020, I visited a branch of the Bank in Amawbia Awka, to make payments into his bank account with the sum N600,000 but he was told by a staff of the bank that he would be charged three per cent of the cash amount he had.
On enquiry, he was shown a Central Bank circular which was pasted across the cash machine published on September 17, 2019, mandating the bank to charge three per cent for lodgement above N500,000.
The counsel for the CBN, Jackson Iragunima, in his submission, contended that the policy was not discriminatory, but for the wellbeing of the country.
The CBN maintained that the plaintiff did not have the authority of all the citizens and corporate institutions residing in Anambra, Abia, Lagos, Ogun, Kano, Rivers and FCT to institute the action on their behalf.
In his judgement, Justice Dimgba say, he believe the claims in these depositions are sufficient to donate the plaintiff not only with a locus standi, but also a reasonableness on the case which he has brought before the court.”
Describing the policy as unreasonable, he agreed with the plaintiff that the CBN policy was discriminatory and offended section 42 of the 1999 Constitution (as amended).
The judge added, This aspect of the policy imposing financial levies on lodgements/deposits, in his view, appears unreasonable. And it makes no difference if same was applied throughout the federation or limited to only the residents of a few states.
