Falana said the action is ‘illegal’ and will address the
matter in court.
He said this while speaking on Channels Television’s Sunrise Daily on
Friday; Falana argued that according to the CBN Act, the central bank must set
the exchange rate.
“There’s no provision for floating the naira. It’s illegal.
You say, ‘Market forces will determine the value of the naira. That is not
there in the law.
“I’ve had to sue the Central Bank of Nigeria at the Federal
High Court because Section 16 of the Central Bank Act has imposed a duty on the
Central Bank to fix and determine the rate of the naira vis-a-vis other
currency,” he said.
Floating the Naira means the elimination of a fixed price
for foreign exchange trading within the country. This removes the direct intervention
of the CBN from the forex market, and this is why Falana is upset.