Thursday, 25 February 2016

Lawyer Falana asks court to ban dollar as legal tender


Human rights lawyer, Mr. Femi Falana (SAN), filed a suit before the Federal High Court in Abuja  on Wednesday, praying the court to direct the CBN to stop the use of the United States of America’s dollar as a legal tender in Nigeria. The senior advocate also asked the court in his suit, FHC/ABJ/CS/146/16, for an order restraining the Central Bank of Nigeria from allowing market forces to determine the exchange rate of the naira.

The suit which was filed on behalf of Falana by a lawyer in his firm, Mr. Wisdom Elum, sought the following prayers;


 “A declaration that by virtue of Section 16 of the CBN Act 2007 the defendant shall fix and determine the exchange rate of the naira by a suitable mechanism devised for that purpose.
“A declaration that the monetary policy of the defendant, which allows market forces to fix and determine the exchange rate of the naira, is illegal and unconstitutional as it violates Section 16 of the CBN Act 2007.
“A declaration that the dollarisation of the economy through the use of the US dollar as a legal tender in Nigeria is illegal and unconstitutional as it violates Section 20 of the CBN Act, 2007.
“An order of perpetual injunction restraining the defendant from allowing market forces to determine the exchange rate of the naira in any manner whatsoever and howsoever. And
“An order directing the defendant to stop forthwith the use of the US dollar as a legal tender in Nigeria in any manner whatsoever and howsoever.”

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