The Central Bank of Nigeria, CBN, has challenged the legal standing of the human rights lawyer, Mr. Femi Falana SAN to pray the Federal High Court to compel the CBN 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.
Falana also prayed the Court for a declaration that by virtue of Section 16 of the Central Bank Act the exchange rate of the Naira shall be determined, from time to time, by a suitable mechanism devised by the Defendant for that purpose, as well as declaring that the Defendant is not competent to allow multiple exchange rates of the Naira vis a vis the Dollars and other foreign currencies.
He therefore want 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. 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.
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