The Central Bank of Nigeria (CBN) has urged a Federal High Court in Lagos to dismiss a suit filed by human rights lawyer, Femi Falana, seeking to compel the
CBN, in its preliminary objection to the suit, is contending that Falana does not have legal standing to file the suit and that the court lacks the jurisdiction to entertain it.
He is also asking the court to compel the CBN to stop the dollarisation of the economy since Section 20 of the Act stipulates that the Naira is the only legal tender in Nigeria. He, therefore, wants the Court to hold that in line with the CBN Act, the exchange rate of the Naira shall be determined, from time to time, by a suitable mechanism devised by the Bank for that purpose.
The Bank is therefore urging the honourable court to dismiss the suit or, in the alternative, strike out the c on because of the jurisdiction to entertain it.
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