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THE IMPLICATION OF LIMITATION OF CASH WITDRAWALS/DEPOSITS: PROS & CONS.
On the 6th day of December, 2022 the Central Bank of Nigeria (CBN) issued a circular directing Deposit Money Banks, Payment Service of Bank (PSB) and other financial Institutions limiting cash withdrawal by customers from their accounts.
Our corporate commercial practice group recently reviewed the legal framework of this regulation from a pros and cons perspective.
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This is a Banker-Customer dispute that commenced before the Federal Capital Territory High Court Coram: U.P Kekemeke.J wherein the claimant challenged the Post-No-Debit (PND) and/or Freezing Order placed on its account domiciled with the Bank without an Order of court. pleadings were filed and exchanged and the matter proceeded to trial.
We are pleased to have represented the Economic Community of West African States (ECOWAS Commission) in a Contentious Litigation before the Federal Capital Territory High Court, Sitting in Abuja Nigeria Coram: Kutigi .J in suit No: FCT/CV/ 475/2018 in matter instituted by Spanish Attorney; Ramon Trillo Maquina claiming professional fees from his representation of the Commission in an LCIA Arbitration in London.