Lawyer drags CBN to court over weak Naira

chika ebuzor

February 25, 2016 5:52 AM

The Lagos lawyer also accused the apex bank of "dollarizing" the economy, to the extent that the Dollar has become a means of trading, paying rent and fees in Nigeria.

Femi Falana

Human Rights lawyer,

Punch reports that Falana in the suit, alleged that the CBDN’s monetary policy has weakened the Naira adversely.

Falana, through a lawyer in his fir, Mr. Femi Adedeji deposed an affidavit saying “The devaluation of the currency and dollarisation of the economy have made mockery of the yet-to-be-passed 2016 budget of the Federal Government.

“The monetary policy of the defendant (the CBN) has led to a situation whereby too much naira chase few dollars, thereby making the naira weaker in relation to the dollar and instigating an adverse multiplier effect.

“The monetary policy of the defendant has also led to increasing costs, rapidly rising inflation and interest rates, closure of factories and the attendant high level of unemployment.”

Read: ‘Seize my N500b asset if I don't restore Naira,’ Ifeanyi Ubah says

Falana wants the court to determine “whether the monetary policy of the defendant, which allows market forces to fix and determine the exchange rate of the naira is not a violation of Section 16 of the CBN (Establishment) Act 2007 and Section 16 of the Constitution of the Federal Republic of Nigeria, 1999 as amended.”

Femi Falana also threatened to sue the Muhammadu Buhari-led administration if it goes ahead with its plan to borrow to finance the 2016 budget.

Meanwhile, Capital Oil and Gas boss, Ifeanyi Ubah in an interview, boasted that he knows how to return the Naira to N200 to one Dollar in 30days.

He has also staked his assets worth billions of Naira as a wager, if his idea does not work.

chika ebuzor