Human rights lawyer Femi Falana, SAN, has slammed the floating of the naira by the Central Bank of Nigeria.
Falana also disclosed that he is challenging the decision to float the naira in court, noting that it is ‘illegal’.
Speaking on Channels Television’s Sunrise Daily, on Friday, Falana argued that according to the CBN Act, the central bank is obligated to set the exchange rate.
According to Falana, Section 20(1) of the CBN Act states that the official legal tender in Nigeria is solely the currency notes issued by the Central Bank, specifically the naira. He further explained that Section 20(5) of the 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.
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 also noted 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.
