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JUST IN: Court Declines Suit To Stop CBN’s Cash Limit

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Justice Sylvanus Oriji of a High Court of the Federal Capital Territory in Abuja has declined to grant a motion seeking to stop the new cash withdrawal policy of the Central Bank of Nigeria.

The application was brought before the court by 10 named applicants for themselves and on behalf of 20 million Nigerian citizens who do not use banks.

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The PUNCH reported that although the decision by the court was taken on Tuesday, the court processes were obtained by journalists in Abuja on Thursday.

President Muhammadu Buhari; Attorney-General of the Federation; Central Bank of Nigeria and the Governor of the Central Bank of Nigeria, Godwin Emefiele were listed as respondents.

The applicants prayed the court to grant injunctions restraining the respondents from proceeding with the January 31 2023 deadline of the use of the current N200, N500 and N1,000 notes as it affects the citizens without any real plans or workable guidelines to cover the over 20 million unbanked Nigerians who are vulnerable to information and the use of technologically driven platform without the possibility of financial inclusion.

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They also prayed for an order restraining the CBN from implementation of the revised cash withdrawal limiting the maximum cash withdrawal over the counter by individuals and corporate organisations per week to N100, 000 and N500, 000 respectively which was a violation of the Money Laundering (Prevention and Prohibition Act, 2002 and which also constitutes a flagrant violation of the fundamental rights of the applicants as guaranteed under the 1999 Constitution as well as the African Charter on Human and Peoples Rights (Ratification and Enforcement) Act.

READ ALSO: Cash Withdrawal Limit: Falana, PoS Operators In Lagos Threaten Lawsuit Against CBN

Furthermore, they asked the court to grant an order for accelerated hearing to the suit and also an order for substituted service on the parties while also praying for the order of court mandating the CBN to produce a detailed plan and guidelines covering the over 20 million unbanked citizens who are vulnerable to the use of telecommunication and technologically driven money platforms.

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After listening to the counsel to the applicants, Justice Oriji declined the prayers for injunction but rather directed that all the respondents be put on notice to come and show cause why the order for injunction should not be granted against them.

The Judge thereafter adjourned the matter to January 10 2023 after granting orders for accelerated hearing and substituted service.

 

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NNPCL Increases Fuel Price

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The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of premium motor spirit across its retail outlets.

It was gathered that NNPCL retail outlets in Abuja have adjusted their fuel pump price to N955 per litre from N890.

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This is the case in NNPCL retail outlets along Kubwa Expressway, Wuse and other parts of Abuja.

READ ALSO:Fuel Station Manager, Three Others Arrested For Robbery

Similarly, the pump price hike has been implemented at filling stations in Kogi and Nasarawa.

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This means that the petrol pump price was increased by N65.

This comes after independent petroleum product marketers and filling station owners in Abuja increased petrol pump prices to between N950 and N971 per litre at the weekend. Their decision followed an upward review of the ex-depot petrol price by Dangote Refinery to N858 per litre, up from N820.

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Naira Appreciates Against Dollar As External Reserves Swell

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The naira appreciated against the dollar at the official foreign exchange market on Monday to begin the week on a bullish note amid swelling external reserves.

According to the Central Bank of Nigeria’s exchange data, the naira appreciated to N1,531.95 against the dollar on Monday from N1,533.74 traded last week Friday.

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READ ALSO:Naira Continues To Appreciate Against Dollar On Official Market

This showed that the Naira strengthened by N1.79 when compared to the N1,533.74 exchanged at the close of work last week.

Meanwhile, at the black market, the naira remained stable at N1560 per litre, the same exchange rate traded on Friday.

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The development comes as Nigeria’s external reserves had maintained a modest rise to $39.54 billion as of August 1st, 2025, up from $39.36 billion on July 30th.

 

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Naira Continues To Appreciate Against Dollar On Official Market

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The naira continued its appreciation against the dollar at the foreign exchange market on Tuesday.

Accordingly, the naira strengthened further to N1,533.18 against the dollar on Tuesday, from N1,534.21 traded the previous day.

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This represents a gain of N1.03 against the dollar on a day-to-day basis and marks the second consecutive day of appreciation at the official FX market.

READ ALSO:Woman Arrested For Killing, Selling Pregnant Nurse’s Body Parts

Meanwhile, on the black market, the naira depreciated further to N1,545 per dollar on Tuesday from N1,537 traded on Monday.

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Recall that the naira had similarly closed Monday’s trading session with mixed sentiments, recording gains at the official market but depreciating at the parallel market.

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