By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
NewsunplugNewsunplugNewsunplug
  • Home
  • News
  • Politics
  • Metro
  • Entertainment
  • Sports
  • Lifestyle
  • Journal
Reading: Falana takes CBN to court over illegal floating of Naira
Share
Notification Show More
Font ResizerAa
Font ResizerAa
NewsunplugNewsunplug
  • Home
  • News
  • Politics
  • Metro
  • Entertainment
  • Sports
  • Lifestyle
  • Journal
Search
  • Home
  • News
  • Politics
  • Metro
  • Entertainment
  • Sports
  • Lifestyle
  • Journal
Have an existing account? Sign In
Follow US
Newsunplug > Blog > News > Falana takes CBN to court over illegal floating of Naira
News

Falana takes CBN to court over illegal floating of Naira

Godson
Last updated: August 19, 2023 2:53 am
Godson
Published: August 19, 2023
Share
SHARE

Human rights lawyer, Femi Falana, has gone to court to challenge what he described as the ‘’illegal” floating of the Naira by the Central Bank of Nigeria.

Recall that on June 14, at a time when the Naira traded between 730 and 755 to the dollar at the Investors and Exporters (I&E) window, the apex bank reportedly told Deposit Money Banks to freely float the naira against the dollar and other international currencies.

As of Friday, the CBN website puts the exchange rate between N744 and N746.

While speaking on Channels TV today August 18, Falana said the CBN Act made it compulsory for the apex bank to fix the exchange rate.

“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-à-vis other currency.” he said

He noted that Section 20(1) of the CBN Act provides that the only legal tender in Nigeria shall be the currency notes issued by the Central Bank: “only the naira.”

Section 20 (5) of the Act also provides that anybody who spends any other currency in Nigeria without the approval of the central bank has committed an offence “and shall be prosecuted”, he explained, adding, “The penalty is six months’ imprisonment.”

Falana argued further that as long as government officials are not prepared to strengthen the naira and make it the only legal tender in Nigeria, “we’re not going to go far”.

The Senior Advocate of Nigeria also commented on the Federal Government’s approval of N5 billion for each state and the Federal Capital Territory (FCT). While the National Economic Council (NEC) said this enabled them to procure food items for distribution to the poor in their respective states, Falana argued that the measures were diversionary.

“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 dollarisation of the economy.” he said

You Might Also Like

President Tinubu condemns Gabon coup; says rule of Law must not perish in Africa
Military Intervention In Niger Republic will affect Nigeria – Northern Leaders warn Tinubu
US Supreme Court Unanimously rejects attempt to remove Trump from 2024 Election ballot
House Of Reps Fixes Date For Resumption After Weeks Of Vacation
Supreme Court dismisses lawsuit seeking sack of Delta Governor Oborevwori

Quick Link

  • My Bookmark
  • Interests
  • Contact Us
  • Blog Index
Share This Article
Facebook Twitter Email Print
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • ‘God cannot be mocked’ – Cynthia Morgan calls out ex-record label boss, Jude Okoye
  • 2Baba unveils new management team
  • Couple m8rdered in their retirement home in Uganda after spending over 30 years in Switzerland
  • We didn’t starve you intentionally. I was struggling financially – Nigerian man tenders public apology to those who didn’t eat food at his wedding
  • Reliable Newcastle United reporter drops Leeds United and Sean Longstaff bombshell after £12m bid

Recent Comments

No comments to show.

Categories

  • ES Money
  • U.K News
  • The Escapist
  • Insider
  • Science
  • Technology
  • LifeStyle
  • Marketing

About US

We influence 20 million users and is the number one business and technology news network on the planet.
Quick Link
  • My Bookmark
  • Interests
  • Contact Us
  • Blog Index
Top Categories
  • My Bookmark
  • Interests
  • Contact Us
  • Blog Index

Subscribe US

Subscribe to our newsletter to get our newest articles instantly!

[mc4wp_form]

Top Categories

  • Entertainment

Categories

  • ES Money
  • U.K News
  • The Escapist
  • Insider
  • Science
  • Technology
  • LifeStyle
  • Marketing

About US

We influence 20 million users and is the number one business and technology news network on the planet.
Quick Link
  • My Bookmark
  • Interests
  • Contact Us
  • Blog Index
Top Categories
  • My Bookmark
  • Interests
  • Contact Us
  • Blog Index

Subscribe US

Subscribe to our newsletter to get our newest articles instantly!

[mc4wp_form]
© 2023 Newsunplug | All Rights Reserved.
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?