Naira Swap: Falana gives CBN 7 days to explain distribution of notes

Human rights lawyer and Senior Advocate of Nigeria (SAN) Femi Falana has given the Central Bank of Nigeria (CBN) seven days to explain how the bank distributed the new naira notes.

The CBN had stated that it printed enough brand-new N200, N500, and N1,000 notes to go around adding that politicians are to blame for hoarding the new notes.

Falana however questioned to know the quantity of the new naira notes that the CBN distributed to commercial banks around the country.

He also demanded that the CBN should provide a list of customers who had withdrawn amounts greater than the N100,000 cap allowed by the central bank.

The SAN made these demands through a letter addressed to the CBN, dated February 16, 2023, and signed by Femi Adedeji, ESQ of Falana Chambers.

The letter read in parts, “Our attention has been drawn to your statement wherein you claimed that some unnamed politicians have mopped up the new naira notes made available to all commercial banks by the Central Bank of Nigeria.

“We are compelled to request you to furnish us with information concerning the amount of the designed notes of N200, N500, and N1,000 denominations made available to each commercial bank by the Central Bank of Nigeria.

“Furthermore, we also request you to furnish us with the list of customers of the commercial banks who collected more than N100,000 approved by you from the commercial banks.”

“As this request is made under the provisions of the Freedom of Information Act 2011, you are required to accede to our request within seven days of the receipt of this letter.

“TAKE NOTICE that if you fail or refuse to furnish us with the requested information before the deadline of seven days we shall not hesitate to pray to the Federal High Court to compel you to accede to our request.”