A Human rights lawyer, Femi Falana, SAN, says he has taken legal action against the decision of the Central Bank of Nigeria, CBN, to float the naira, describing the action as illegal.
Recall that on June 14, the CBN had instructed all the Deposit Money Banks to allow the naira to float freely against international currencies.
But while speaking on Channels Television’s Sunrise Daily, on Friday, Mr Falana argued that the CBN Act obligated the apex bank to set the exchange rate.
He said: “There’s no provision for floating the naira. It’s illegal. You say, ‘The value of the naira will be determined by market forces. That is not there in the law.
“I’ve had to sue the Central Bank of Nigeria at the Federal High Court because Section 16 of the Central Bank Act has imposed a duty on the Central Bank to fix and determine the rate of the naira vis-a-vis other currency,” he added.
According to Mr Falana, Section 20(5) of the CBN Act deems it an offense, punishable by six months imprisonment, for anyone to use any other currency in Nigeria without the approval of the central bank.
Mr Falana explained that unless government officials take steps to strengthen the naira and establish it as the sole legal tender in Nigeria, our progress will be limited.
He, however, alleged that the Federal Government’s approval of N5 billion for each state and the FCT as palliatives is a temporary measure intended to divert attention.
“They are temporary measures. Some of them are quite diversionary and the people in government have not addressed the root of the crisis, which is the dollarisation of the economy.
“Whatever palliatives that are announced will be eaten up by the dollarisation of the economy,” he said.

For Advert, Event Coverage, PR, Story/Article Publication & Other Media Services
Pls., Send Email To: citizennewsng@gmail.com
Visit Citizen NewsNG To Read More Latest And Interesting News