Floating of naira: Falana takes CBN to court, describes action as illegal

Human rights activist and Senior Advocate of Nigeria (SAN), Femi Falana, has taken legal action against the Central Bank of Nigeria (CBN) at the Federal High Court over its decision to float the naira, describing it as illegal.

This was made known by Falana when appeared as a guest on the Channels Television programme, Sunrise Daily, on Friday, August 18, 2023, where he stated that the CBN act made it compulsory for the apex bank to fix the exchange rate.

Falana, who insisted that there is no provision for floating the naira, 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

The human rights lawyer said, “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.

Source:  Nairametrics