The Central Bank of Nigeria decision to let the Naira float on the foreign exchange market, according to Senior Advocate of Nigeria Femi Falana, was unlawful.
This was revealed by Falana on Friday during a Channels Television interview that Platinum Times was watching.
He claimed that the dollarization of the economy is to blame for its current state of turmoil.
The human rights attorney bemoaned the pressure the Naira is under as a result of domestic transactions like rent, school fees, and others being conducted in dollars.
“The major problem is the dollarisation of the economy. As long as the government is not prepared to strengthen the Naira, to make the Naira the only legal tender in Nigeria, we are going to go further.
“Speaking from a legal perspective, I sued the Central Bank of Nigeria at the Federal High Court because section 16 of the Central Bank act allows the bank to fix and determine the Naira’s rate vis-a-vis other currencies, so there is no provision for floating the Naira.
“Section 20 of the Central Bank act states that the only legal tender in Nigeria shall be the currency issued by the Central Bank”, he said.
Platinum Times recalls that the CBN floated the Naira at the forex market in June