Report: Nigerian Central Bank Sued for Dollarizing Economy

In a suit filed by a Nigerian quality rights activist, the country’s cardinal slope is accused of failing to halt the dollarization of the economy. According to the activist, the cardinal bank’s unwillingness to halt economical agents from demanding U.S. dollars for home transactions has “resulted successful the changeless devaluation, depreciation and unending plunge of the naira.”

Nigeria’s Foreign Exchange Woes

A Nigerian lawyer and quality activist, Femi Falana, is suing the Central Bank of Nigeria (CBN) for allegedly dollarizing the economy. In his suit filed with a Lagos High Court, Falana besides alleged that the CBN’s nonaccomplishment to execute its statutory obligations had “resulted successful the changeless devaluation, depreciation and unending plunge of the naira.”

As has been reported by Bitcoin.com News successful the past fewer months, the Nigerian currency has been losing ground against large currencies. Many Nigerian economical commentators property the naira’s changeless depreciation to the ongoing U.S. dollar shortage.

According to a report published by Arise TV, the Nigerian quality rights activistic believes that the High Court tin assistance compel the CBN to enforce applicable provisions of the law.

“Consequently, we impulse your lordship to compel the suspect to enactment an extremity to the usage of [the] dollar arsenic ineligible tender by enforcing policies and sanctions that volition halt the amerciable usage of dollars arsenic ineligible tender successful Nigeria,” Falana argued.

In addition, Falana, who is simply a elder advocator of Nigeria (SAN), said the cardinal slope should beryllium forced to state the naira and kobo arsenic the West African country’s lone ineligible tender. The tribunal should besides unit the CBN to prosecute anyone who refuses to judge the naira arsenic a means of payment, the lawyer added.

Meanwhile, successful an affidavit submitted to enactment his suit against the cardinal bank, Falana claimed that the apex slope has not stopped schools and landlords from demanding U.S. dollars. The lawyer besides accused the CBN of failing to destruct the aggregate speech complaint authorities and regenerate it with a sustainably managed complaint wrong a play of 12 months arsenic promised.

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