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FX: Falana drags FG to court over floating of naira

Femi Falana, a senior advocate of Nigeria (SAN) and human rights lawyer has dragged the Central Bank of Nigeria (CBN) to court following the floating of the country’s currency.

Femi-Falana, senior advocate of Nigeria (SAN)
Femi-Falana, senior advocate of Nigeria (SAN)

Lagos, Nigeria

Femi Falana, a senior advocate of Nigeria (SAN) and human rights lawyer has dragged the Central Bank of Nigeria (CBN) to court following the floating of the country’s currency.

Falana said he approached the federal high court to challenge the decision of the CBN to float the naira, saying it was illegal. 

He made this known when appeared on the Channels Television programme, Sunrise Daily, on Friday, August 18, 2023.

Falana stated that the CBN act made it compulsory for the apex bank to fix the exchange rate. 

The human rights lawyer insisted that there is no provision for floating the naira, and noted the decision to allow the value of the naira to be determined by market forces is not backed by law. 

“CBN has a duty 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,” he said.

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