- The Central Bank of Nigeria (CBN) under President Bola Tinubu's government has been dragged to court
- Nigerian lawyer and human rights activist, Femi Falana SAN, has sued the CBN for floating the naira
- Falana insisted that there is no provision for floating the naira, and the CBN's decision to allow the value of the naira to be determined by market forces is not backed by law
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Nigerian lawyer and human rights activist, Femi Falana has condemned the decision of the Central Bank of Nigeria (CBN) under the government of President Bola Tinubu, to float the naira.
According to the legal luminary, such a move is illegal and will be challenged in court.
Meanwhile, as of Friday, August 17, the CBN website puts the exchange rate between N744 and N746.
“Please disregard”: CBN sends message to Nigerians on reported new FX policy as one dollar sells for N740
But Falana, who appeared as a guest 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.
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“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.
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, The Guardian report added.
CBN sends message to Nigerians on reported new FX policy
The Central Bank of Nigeria (CBN) has refuted rumours that it has introduced new policy actions in the foreign exchange market.
“No more tricks to buy cheap dollar”: CBN introduces forex price verification portal as naira recovers
In a message posted on its official X, formerly Twitter, handle, the CBN described the rumours as old news.
The apex bank explained that the press release dated 20th February 2017 should be disregarded.
Ex-CBN deputy governor warns Tinubu against making the naira stronger
Legit.ng reported that Professor Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria (CBN), has explained the implications of making the naira too strong against foreign currencies.
Moghalu, while speaking on Arise TV on Thursday, June 22, 2023, said there must be a balance, as a stronger naira could make Nigeria import dependent.
On Thursday, FMDQ data shows the naira continued its free fall against the US dollar, losing N1.76 or 0.26% of its value to close at N765.13/$1, in contrast to Wednesday's rate of N763.17/$1.