The former maverick BNP leader was involved in the formation of the new party.
His announcement on Monday came amid the BNP's allegation that the party was being backed by the government to 'destroy' the main opposition party.
BNF is presently led by Abul Kalam Azad. Former BNP leader and a state minister Jahanara Begum was also seen at various party programmes.
Huda, a former minister during the BNP's regime, explained his motive behind the formation of the party and its subsequent ‘abolition’ at a media briefing at his Topkhana Road office in Dhaka.
"The incumbent BNF chief coordinator Azad is destroying the objectives with which I had revived the organisation, set up by my late leader Ziaur Rahman, and gave it the shape of a political party," he said.
"Azad is trying to divert the party’s objectives," alleged Huda. "That is why I am announcing the BNF's abolition."
The BNF's electoral logo is almost similar to the BNP's 'sheaf of paddy'.
BNP Chairperson Khaleda Zia has already warned the EC not to give registration to the BNF.
Amid the allegations, Chief Election Commissioner (CEC) Kazi Rakibuddin Ahmad said the Commission officials were checking whether the party had fulfilled all the preconditions for registration.
Huda urged the EC to reject the BNF's registration application immediately.
"As its convenor, I'm withdrawing the application through this media briefing," he said.
Huda, who had been the convenor at the BNF's inception, said he would send a letter to the EC in this regard.
He had announced the floating of the new party in August 2012, two years after the BNP expelled him from the post of Vice Chairman for breaching party discipline.
However, less than a year later, in February 2013, he distanced himself from the BNF.
"BNF aimed to join hands with the 18-Party alliance to make the movement for the non-party caretaker government a success," he said.
"It never aimed at destroying the BNP," said Huda.
He claimed Azad was involved in a plot to weaken the nationalist forces. Jahanara Begum was also seen at various party programmes.
