Monday, May 20, 2024

Femi Falana, a Nigerian human rights activist and lawyer, has initiated legal proceedings against the Central Bank of Nigeria (CBN) with accusations of neglecting its duty to curb the proliferation of U.S. dollar transactions in the domestic economy. Falana contends that the central bank’s inaction has led to an unremitting decline in the value of the naira, including its devaluation and depreciation.

Decline in Naira Attributed to Dollar Shortage

In recent months, reports by News have highlighted the diminishing strength of the Nigerian naira against global currencies. Numerous economic analysts in Nigeria ascribe this weakening of the naira to a persisting shortfall of U.S. dollars in the market.

As per a study disseminated by Arise TV, Falana maintains that the Lagos High Court possesses the authority to obligate the Central Bank of Nigeria to adhere to existing legal statutes.

“In light of the above, we implore the court to mandate the defendant to cease the usage of U.S. dollars as an alternative to the local currency by implementing regulatory measures and penalties aimed at halting the unlawful adoption of dollars as legal tender in the nation,” argued Falana.

Moreover, Falana, who holds the distinction of being a Senior Advocate of Nigeria (SAN), posited that the central bank should be judicially mandated to affirm the naira and kobo as Nigeria’s sole legal tender. He further urged that legal action should be taken against any entities that reject the naira for transactions.

Additional Claims in Affidavit

To bolster his legal case against the Central Bank of Nigeria, Falana submitted an affidavit which alleges that the central banking institution has been remiss in prohibiting schools and landlords from demanding payments in U.S. dollars. He also criticized the CBN for its inability to dismantle the existing multi-tiered exchange rate system and institute a stable, managed rate within the time frame of one year, as previously pledged.

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