The Central Bank of Nigeria, CBN’s decision to float the Naira note under the directive of President Bola Tinubu has been tagged ‘illegal’ and is being challenged in court by notable human rights lawyer, Femi Falana
On June 14, when the Naira exchanged for between 730 and 755 per 1 dollar at the Investors and Exporters (I&E) window, the apex Nigerian bank allegedly told Deposit Money Banks to float freely, the Naira against the dollar and other foreign currencies.
As of today, Friday, August 18, the CBN website has put the exchange rate of Naira to dollar at between N744 and N746.
This move had not gone down well with Falana, who made a guest appearance on Channels Television’s Sunrise Daily, this morning to condemn the CBN’s decision to fix the exchange rate.
In Falana’s words: “There is no allocation for floating the Naira. It is unlawful. The value of the Naira being determined by market forces is not there (stipulated) in the law,” he said.
Falana had further contended that as long as government officials were ill prepared to boost the Naira and make it the only legal tender in Nigeria, Nigeria and its citizens would sadly, not go far.
