LEGIT NG
Nigerian lawyer and human rights activist, Femi Falana has condemned the decision of the Central Bank of Nigeria (CBN) under the government of President Bola Tinubu, to float the naira.
According to the legal luminary, such a move is illegal and will be challenged in court.
Meanwhile, as of Friday, August 17, the CBN website puts the exchange rate between N744 and N746.
But Falana, who appeared as a guest on Channels Television’s Sunrise Daily on Friday, Falana argued that according to the CBN Act, the central bank is obligated to set the exchange rate.
“There’s no provision for floating the naira. It’s illegal. You say, ‘The value of the naira will be determined by market forces.’ That is not there in the law,” he said.
