The imposition of withdrawable cash limits after collection of the old notes, amount to a scheme to entrap and not allow much of such funds come out of the banking system. My attention has not been drawn to any law that permits a bank not to pay cash to a customer on demand on the ground that the 1st defendant has not been able to print enough new naira notes or that permits the 1st defendant to direct the imposition of limits on the cash to be paid from a customer’s account after deposit of the old naira notes. To the extent that the directive has continued to deprive all persons and the plaintiffs access to a substantial part of their funds in banks inform of cash, it forcefully and illegally interferes with their rights of ownership and use of their said funds. Such restriction on an owner’s right to freely use his or her property is illegal unless provided for by a law.
— E.A. Agim, JSC. AG Kaduna & Ors. v. AG Federation & Ors. (2023) – SC/CV/162/2023