Human rights lawyer and a Senior Advocate of Nigeria, Femi Falana has slammed the Central Bank of Nigeria for floating the Naira at the foreign exchange market, noting that it was illegal.
Falana made this known on Friday while featuring on Channels Television, adding that the country’s economy is in crisis because it has been dollarized.
While decrying that domestic transactions such as rent, school fees and others are being made in Dollars, the huma rights lawyer said it is putting pressure on the Naira.
“The major problem is the dollarisation of the economy. As long as the government is not prepared to strengthen the Naira, to make the Naira the only legal tender in Nigeria, we are going to go further.
“Speaking from a legal perspective, I sued the Central Bank of Nigeria at the Federal High Court because section 16 of the Central Bank act allows the bank to fix and determine the Naira’s rate vis-a-vis other currencies, so there is no provision for floating the Naira.
“Section 20 of the Central Bank act states that the only legal tender in Nigeria shall be the currency issued by the Central Bank”, he said.
Reports revealed that the CBN floated the Naira at the forex market in June.
