Falana sues CBN, asks court to ban dollar in Nigeria

Human rights lawyer and activist, Mr. Femi Falana (SAN), has filed a suit before the Federal High Court, asking for an order restraining the Central Bank of Nigeria from allowing market forces to determine the exchange rate of the naira.

The senior advocate also asked the court in his suit, to direct the CBN to stop the use of the dollar as a legal tender in Nigeria.

Falana alleged in his case that the CBN’s monetary policy had led to a situation where too much Naira was made to chase a few dollars with an adverse multiplier effects such as rising inflation, closure of factories and high level of unemployment.

A judge is yet to be assigned the case.