CityNews Nigeria reports that CBN places maximum weekly withdrawal for individuals and corporate organisations at N500,000 and N5 million, respectively.
Akeredolu, in an originating summon filed by Ondo Attorney-General Charles Titiloye, asked the Supreme Court to declare that the federal government cannot, by a directive issued through CBN, amend or vary an existing act of the National Assembly, particularly section 2 of the Money Laundering Act, which relates specifically to limitations on cash withdrawals for individuals and corporate organisations to N5 million and N10 million, respectively.
The Governor also prayed the apex court to decide whether the guidelines issued by the federal overnment on maximum daily cash withdrawal and the hardship caused by the implementation of the policy were not in conflict with the provision of section 2 of the Money Laundering Act, sections 20, 39 and 42 of the CBN Act.
He contended that the guideline on daily maximum cash withdrawal made by Buhari administration was an infraction on the legal rights of the Ondo government and its citizens “to access funds for execution of developmental projects, small credit facilities to petty traders (who have no account in banks) and highly detrimental to daily commercial activities in the state.”
The Ondo government has also filed a separate application before the Supreme Court seeking to join the suit instituted by Zamfara, Kaduna, and Kogi on the cash swap time frame.
President Bola Tinubu has promoted the acting Chief of Army Staff, Olufemi Oluyede to the…
Welcome Address Delivered at the 2024 Edition of the Judges Workshop at Sheraton Hotel Ikeja,…
The House of Representatives Finance Committee has paid a working visit to the headquarters of…
The Federal High Court in Abuja has dismissed the treason charges brought against the…
What to know about the end of the #USElection2024 campaign The most recent polling analysis…
#US election 2024 Live Updates: What you need to know about USelection2024 latest polls •…