Femi Falane 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 for an order restraining the Central Bank of Nigeria from allowing market forces to determine the exchange rate of the naira.

Human rights lawyer, Mr. Femi Falana (SAN)

The senior advocate also asked the court in his suit, FHC/ABJ/CS/146/16, to direct the CBN to stop the use of the United States of America’s dollar as a legal tender in Nigeria.

The suit was filed on behalf of Falana by a lawyer in his firm, Mr. Wisdom Elum.

 

The CBN is sued as the sole defendant in the suit, which has yet to be assigned to a judge.

Falana

Nigeria Economy: Naira gains 17%, Sells for 310/dollar

The naira rose by 17.3 per cent on Tuesday against the dollar at the parallel market to 310 from 375, which it traded on Monday.

 

The naira had been on a free fall in the last two weeks, peaking at 391 against the greenback at the parallel market last week Thursday. The local currency, however, began a gradual recovery on Friday.

Foreign exchange dealers told our correspondent on Tuesday that the naira’s recovery could be linked to the gradual inflows of foreign exchange into the forex market.