Justice Chizoba Oriji of a High Court of the Federal Capital Territory (FCT) in Maitama has refused to grant a motion seeking to stop the new cash withdrawal limits of the Central Bank of Nigeria (CBN) which is expected to become effective next month.

The judge ordered the applicants to rather put all the defendants on notice and ordered accelerated hearing in the suit.

The ten applicants had on behalf of themselves and 20 million unbanked Nigerian citizens sued the President, the Attorney General of the Federation, the CBN and the Governor of the CBN, Godwin Emefiele, over the cash withdrawal limits and the redesign of the N1000, N500 and N200 banknotes.

The applicants prayed the Court to grant injunctions restraining the respondents from proceeding with the January 31, 2023 deadline to introduce the new notes.

They said this will protect the 20 million unbanked Nigerians who are vulnerable to information and the use of technologically driven platform without the possibility of financial inclusion.

They prayed for another injunction restraining the respondents from implementing the revised cash withdrawal policy, claiming that it is illegal.