Floating Of Naira Illegal, Falana Knock CBN
A Senior Advicate of Nigeria and human rights lawyer Femi Falana, don describe di floating of di naira by di Central Bank of Nigeria (CBN) as illegal.
Di CBN bin instruct Deposit Money Banks say make dem allow naira float freely against international currencies. Dis na to collapse all transactions to importer and exporter window. Like dat, di value of naira against foreign currencies go dey determined by market forces.
Consequently, di exchange rate wey dem bin dey fixed around N460/$, dey for N700-N800/$ now.
Also, as Falana bin dey tok on tok Channels Television Sunrise Daily on Friday, hin kick against di apex bank decision to float naira, hin tok say e contradict di CBN Act.
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Falana yarn say floating di naira dey illegal. Hin tok say di value of naira go dey determined by market forces. And, e no dey for law.
Also, hin note am say Section 20(1) of di CBN Act tok say di official legal tender for Nigeria na only di currency notes wey Central Bank give, specifically di naira.
In addition, hin tok say di Section 20(5) of di Act tok say anybody wey use any other currency for Nigeria without di approval of central bank dey commit offence wey dey punishable by six months’ imprisonment.
Falana tok say until government officials take steps to strengthen di naira and make am di only legal tender for Nigeria, di kontri progress go dey limited.
You fit go read di tori see why Falana tok say floating of naira dey illegal…READ MORE
