Prominent human rights lawyer and Senior Advocate of Nigeria (SAN), Femi Falana, has initiated legal action against the Central Bank of Nigeria (CBN) in response to the decision to float the Nigerian naira against international currencies.....KINDLY READ THE FULL STORY HERE▶

Falana, known for his advocacy in upholding legal principles, argues that the CBN’s move to allow the naira to float freely is in violation of the CBN Act….CONTINUE READING

The CBN’s decision to float the naira was announced on June 14, with the intention of allowing market forces to determine the currency’s value.

However, Falana contends that this approach is not supported by the CBN Act, which mandates the central bank to set the exchange rate.

Speaking during an interview on Channels Television’s Sunrise Daily program, Falana cited Section 20(1) of the CBN Act, which designates the naira as the sole legal tender in Nigeria.

He further emphasized that Section 20(5) of the Act criminalizes the use of any other currency without the central bank’s authorization.

Falana revealed that he has taken legal action against the CBN to challenge the floating of the naira, asserting that the decision is unlawful and inconsistent with the provisions of the CBN Act.

He noted that without addressing the root causes, such as the dollarization of the economy, any temporary measures introduced by the government would have limited impact.

Falana’s legal action highlights the importance of upholding legal frameworks in economic policies and decision-making, and his stance underscores the need for clarity and adherence to established laws and regulations.