A civil society organization,the Digital rights lawyers initiatives has dragged the central bank of Nigeria,securities and exchange commission to court over the recent action of the Apex bank the deposit money banks should resist from transacting in and with entities dealing in currencies.
In suit No. FHC/L/CS/188/2021 on Monday, February 8,2021 at the Federal high court in Lagos,the group said that CBN,which is the first defendant, lacked the power to restrict financial institutions from dealing in cryptocurrency transactions.
The digital rights lawyers argued that the second defendant SEC,in a circular dated September 14,2020 declared Cryptocurrencies as legal digital assets '' protected under section 44 of the Constitution of the Federal Republic of Nigeria,1999 (as amended)''.
The lawyers, asked the court to validate the investments and securities Act 2007,which made SEC the Apex regulatory body of the Nigeria capital market.
The also prayed the court to declare the CBN action as '' ultra vires, unconstitutional null and void '' while also seeking a '' perpetual injunction virtual restraining the 1st defendant from regulations virtual currencies/crypto currencies in Nigeria ''.
The suit which has not yet been assigned to any judge, was filed on behalf of the group by it's counsel, Irene Chukwukelu.