Wed. Jun 12th, 2024

Nigeria Should Declare Naira and Kobo as West Africa’s Only Legal Tender

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In a lawsuit filed by a Nigerian human rights activist, the country’s central bank is accused of failing to stop the dollarization of the economy. 

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Instability of Naira at Nigeria’s Foreign Exchange.

A Nigerian lawyer and human activist, Femi Falana, is suing the Central Bank of Nigeria (CBN) for devaluing Naira and dollarizing the economy. 

In his suit filed with a Lagos High Court, Falana alleged that the CBN’s failure to uphold the necessary laws against the devaluation of the Naira had “resulted in the constant devaluation, depreciation and unending plunge of the naira.”

Read Also: FG Secures $3b Loan to Stabilize the FX Rate as Naira Drops to N872 Following the Previous Week’s Hike to N930

According to a report published by Arise TV, the Nigerian human rights activist believes that the High Court can help compel the CBN to enforce relevant provisions of the law.

“Consequently, we urge your lordship to compel the defendant to put an end to the use of [the] dollar as legal tender by enforcing policies and sanctions that will stop the illegal use of dollars as legal tender in Nigeria,” Falana argued.

Additionally, Falana, who is a senior advocate of Nigeria (SAN), said the central bank should be forced to declare the naira and kobo as the West African country’s only legal tender. 

The court should also force the CBN to prosecute anyone who refuses to accept the naira as a means of payment, the lawyer added.

He also accused the CBN of failing to eliminate the multiple exchange rate regime and replace it with a sustainably managed rate within 12 months as promised.

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By Tony Chimdiuto

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