You Do Not Have The Legal Standing To Challenge Us On The Depreciation Of Naira – CBN To Falana

The Central Bank of Nigeria (CBN) has challenged the legal standing of the human rights lawyer, Femi Falana (SAN) to ask the Federal High Court to compel the apex bank to stop the alarming depreciation of the Naira.

In the preliminary objection filed against Falana’s suit on the falling rate of the Naira and dollarisation of the economy, the apex bank questioned Falana’s locus standi and also challenged the jurisdiction of the Federal High Court to entertain the case.

Besides, the apex bank wants the case dismissed on the ground that it is statute-barred.

Falana in the suit number : FHC/L/CS/470/23 had sought the order of the Court to stop the CBN from allowing market forces to fix and determine the exchange rate of the Naira vis a vis other currencies in line with Section 16 of the Central Bank Act.

The senior advocate also prayed the Court to compel the CBN to stop the dollarisation of the economy since Section 20(1) of the Act stipulates that the Naira is the only legal tender in Nigeria.

However, in the preliminary objections filed on behalf of the bank by Adeleke Agboola, SAN, the CBN contended that Falana has not in any way shown that he stands to suffer more than other citizens of Nigeria concerning the exchange rate policy of the CBN, adding that Falana has no locus standi to institute the case and that he has not reported those who are trading in dollars in Nigeria.

Other objections include the fact that Falana has not shown that the CBN acted in bad faith and that the plaintiff has not disclosed a reasonable cause of action against the CBN.

The Bank subsequently urged the court to dismiss the suit or in alternative strike out the suit on the ground that it lacks jurisdiction to entertain it.

The Bank argued that the Court lacked the requisite jurisdiction to entertain the suit and that the Plaintiff has not disclosed a reasonable cause of action against the CBN.