• About
  • Advertise
  • Privacy & Policy
  • Contact
Wednesday, July 23, 2025
  • Login
  • Cover
  • News
  • Politics
  • Business
  • Security
  • Entertainment
  • World
  • Sports
  • Editorial
  • Interview
No Result
View All Result
Newsdesk Africa
Advertisement
  • Cover
  • News
  • Politics
  • Business
  • Security
  • Entertainment
  • World
  • Sports
  • Editorial
  • Interview
No Result
View All Result
Newsdesk Africa
No Result
View All Result
Home Finance

Group tackle CBN, Emefiele over new currency policy 

Our Reporters by Our Reporters
December 8, 2022
in Finance
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

By Douglas Blessing, Port Harcourt 

A rights group, Rural Rights Agenda (RRA) has described the recent Central Bank of Nigeria (CBN) withdrawal policy and currency redesign policy as a violation of the country’s  Money Laundering Act.

The group in a statement signed by its Convener, Victor Oroko, Philip Tanko (Secretary) and Adamu Sarki (Publicity), said the Godwin Emefiele’s recent policies is a breach of the constitution and an abuse of the rights of citizens. 

The group maintained that there are policies the CBN cannot embark upon without legislative backing. 

They argued that President Muhammadu Buhari should have approached the National Assembly for necessary appropriation for the minting of the redesigned currencies. 

The statement read in part: “Since the fund for the printing of the new Naira notes is not captured in the 2022 budget, the President ought to have forwarded a supplementary bill to the National Assembly to enable the withdrawal of funds for the printing of the new Naira notes. 

“Without this, the printing of the new Naira without appropriation by the National Assembly will ultimately end up an illegal and unconstitutional venture.”

The group cited Section 59 of the Constitution which requires “an appropriation bill or supplementary bill including any other bill for the payment, issue or withdrawal from the Consolidated Revenue Fund or any other public fund of the Federation for any money charged thereon or any alteration in the amount of such payment issue or withdrawal”

They also argued that citizens have a right to determine how they wish to withdraw and spend their money, while maintaining some rights to privacy as regards their personal accounts. 

The statement from RRA also observed that the new transaction policy was in conflict with the Money Laundering Act which permits far more transaction volume than the recent restrictions by CBN. 

The statement read in part: “The Money Laundering (Prohibition) Act 2011 makes it illegal for any individual to accept or make any cash payment that exceeds I (Five Million Naira). This means that every cash transaction over N5million must be done via a financial institution.”

Previous Post

NCC-CSIRT advises factory-resetting infected devices to beat Xenomorph Malware

Next Post

Car Theft: IGP launches Stolen Vehicle Report Portal

Next Post

Car Theft: IGP launches Stolen Vehicle Report Portal

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

https://youtu.be/FHyJ1Wr0FAk?si=0WVYI_2OR4OrIrQ4
https://youtu.be/gbE3azm_Io0?si=GdE3Mqelo1ujTNla
NYSC to deploy Corps Members to NDLEA rehab centres
News

Worry over none-release of NYSC promotion examinations results – Sources

by Adepegba Abioye
July 22, 2025
0

There is apprehension and disillusionment at the National Youth Service Corps (NYSC) over the withholding of the results of the...

Read moreDetails
Oleksandr Usyk knocks out Daniel Dubois to become undisputed World Heavyweight Champion

Oleksandr Usyk knocks out Daniel Dubois to become undisputed World Heavyweight Champion

July 21, 2025
Notorious kidnapper Wasiu Oloyede arrested in Ogun after abducting a soldier

Notorious kidnapper Wasiu Oloyede arrested in Ogun after abducting a soldier

July 21, 2025
N1.5m bribe to free kidnap suspect – Police 

N1.5m bribe to free kidnap suspect – Police 

July 21, 2025
Why NNPC refineries may never work again — Dangote

Dangote Refinery targets 700,000bpd capacity

July 21, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

Copyright© 2022-2025 Newsdesk Africa Published by Glossy Affairs Ltd. Tel: +2348152359152. Email: info@newsdeskafrica.com.ng editor@newsdeskafrica.com.ng

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Homepage

Copyright© 2022-2025 Newsdesk Africa Published by Glossy Affairs Ltd. Tel: +2348152359152. Email: info@newsdeskafrica.com.ng editor@newsdeskafrica.com.ng