The recent currency redesign and withdrawal policies implemented by the Central Bank of Nigeria (CBN) have been criticized by the rights group Rural Rights Agenda (RRA).

It said that the policies are against the country’s Money Laundering Act, against the constitution, and against citizens’ rights.

Victor Oroko, Philip Tanko, and Adamu Sarki – Convener, Secretary, and Publicity Secretary, respectively – signed a statement stating that the CBN cannot implement certain policies without legislative approval.

They argued that the President should have approached the National Assembly for the necessary appropriation for the minting of the redesigned currencies, despite the fact that they stated that the new transaction policy was in conflict with the Money Laundering Act, which permits far more volume of transactions than the recent restrictions imposed by the CBN.

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”