Foreign Exchange Market Naira Floats Are Illegal - Femi Falana Speaks

Femi Falana, a Senior Advocate of Nigeria, has declared that the Central Bank of Nigeria's move of floating the Naira in the foreign exchange market is illegal.

Falana revealed this in a television interview on Friday.

He said that the country's economy is in turmoil as a result of its dollarization.

• Domestic transactions including rent, school fees, and others are being done in dollars, putting pressure on the Naira, according to the human rights lawyer.

• We won't move forward as long as the government is unwilling to strengthen the Naira and make it the only legal tender in Nigeria.

Because Section 16 of the Central Bank Act gives the bank the authority to fix and decide the Naira's rate in relation to other currencies, there is no provision for the Naira to float, so I sued the Central Bank of Nigeria in the Federal High Court for this reason.

According to Femi Falana, "The only legal tender in Nigeria shall be the currency issued by the Central Bank," which is what Section 20 of the Central Bank Act specifies.

In June, the CBN launched the Naira on the foreign exchange market.