Falana also blamed the current economic challenges facing the country on too much usage of the US dollar by the government.
Human rights lawyer, Femi Falana (SAN) on Friday morning said he was planning to sue the Central Bank of Nigeria (CBN) over the recent floating of the country’s currency, naira.
Mr Falana said this on a Channels TV live programme.Claiming that the decision of the apex court to allow commercial banks and dealers in the forex market to sell forex freely at market-determined rates was illegal.
The Senior Advocate of Nigeria added that the apex court is statutorily bound to ensure the naira value is maintained against other currencies in the international market.
Falana also blamed the current economic challenges facing the country on too much usage of the US dollar by the government and the residents, an act he described as being in contravention of the Central Bank of Nigeria
He said, “I’ve vowed to sue the Central Bank of Nigeria at the Federal High Court because section 16 of the Central Bank Act provides, as imposed a duty on the Central Bank, to fix and determine the rate of the Naira, vis a vis other currency. So there is no provision for floating the naira, there is no provision.
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