Court Throws out Suit challenging the CBN’s requirements for Bureau de Change Registration

The Federal High Court sitting in Abuja on Monday, February 17, 2020, struck out a suit filed against the Central Bank of Nigeria (CBN) challenging the circular issued by the apex Bank on June 23, 2014, for the operation and registration of Bureau de Change in Nigeria. 

The Plaintiff, E E-Flow Bureau de Change Ltd, had commenced the suit against the CBN on October 17, 2014 praying the Court for an order mandating the Defendant (CBN) to pay the Plaintiff over NGN150,000,000 (One Hundred and Fifty Million Naira) in damages, for the alleged unlawful reversal of the requirements for the operation of Bureau de Change in Nigeria.

The Defendant, represented by its Counsel, Mr D.D Dodo, SAN and Professor Fabian Ajogwu, SAN, filed a Defence, and an objection challenging the jurisdiction of the Federal High Court to hear the matter on the grounds that the suit was instituted outside the 3 (three) months period prescribed by the Public Officers Protection Act Cap P41, LFN 2004. 

The Defendant had further argued in its objection, that the CBN acted in good faith in issuing the new requirements for the operation of Bureau de Change in Nigeria, and as such is protected against any adverse claim as provided in the Central Bank of Nigeria Act, 2007. 

Justice Evelyn Maha struck out the suit against the CBN.