News
Floating of Naira: Falana drags CBN to court, knocks Tinubu
Floating of Naira: Falana drags CBN to court, knocks Tinubu
The decision of the Central Bank of Nigeria (CBN) under President Bola Tinubu to float the naira is illegal and being challenged in court, human rights lawyer Femi Falana has said.
On June 14, at a time when the naira traded between 730 and 755 to the dollar at the Investors and Exporters (I&E) window, the apex bank reportedly told Deposit Money Banks to freely float the naira against the dollar and other international currencies.
As of Friday, the CBN website puts the exchange rate between N744 and N746.
But Falana, who appeared as a guest on Channels Television’s Sunrise Daily Friday, said the CBN Act made it compulsory for the apex bank to fix the exchange rate.
“There’s no provision for floating the naira. It’s illegal. You say, ‘The value of the naira will be determined by market forces.’ That is not there in the law,” he said.
“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.”
READ ALSO:
-
FIFA president, Infantino calls for ‘full equality’ in football
-
Niger junta leaders evacuate families to Burkina Faso, Dubai
-
Release Bawa or charge him to court, MURIC tells DSS
He noted that Section 20(1) of the CBN Act provides that the only legal tender in Nigeria shall be the currency notes issued by the Central Bank: “only the naira.”
Section 20 (5) of the Act also provides that anybody who spends any other currency in Nigeria without the approval of the central bank has committed an offence “and shall be prosecuted”, he explained, adding, “The penalty is six months’ imprisonment.”
Falana argued further that as long as government officials are not prepared to strengthen the naira and make it the only legal tender in Nigeria, “we’re not going to go far”.
The Senior Advocate of Nigeria also commented on the Federal Government’s approval of N5 billion for each state and the Federal Capital Territory (FCT).
While the National Economic Council (NEC) said this enabled them to procure food items for distribution to the poor in their respective states, Falana argued that the measures were diversionary.
“They are temporary measures. Some of them are quite diversionary and the people in government have not addressed the root of the crisis, which is the dollarisation of the economy,” he said.
“Whatever palliatives that are announced will be eaten up by dollarisation of the economy.”
(CHANNELS)
News
Using pre-registered SIM card may land you in jail, NCC warns
Using pre-registered SIM card may land you in jail, NCC warns
The Nigerian Communications Commission, NCC, has issued a stern warning to Nigerians on the dangers of purchasing pre-registered SIM cards.
The Commission emphasized that this practice was illegal and could lead to severe consequences, including imprisonment.
The NCC highlighted that individuals using such SIM cards might inadvertently become implicated in crimes such as identity theft, financial fraud, kidnapping, and armed robbery.
READ ALSO:
- Six political parties plot against APC, meet in Kaduna
- Palestinian envoy lambasts US for arresting protesters
- Police arrest suspected killers of Major-General, others in Imo
Moreover, the NCC pointed out that the use of pre-registered SIM cards compromises the accuracy of consumer information and hampers efforts to track criminals effectively.
By using such SIM cards, the reliability of data collected on consumers was undermined, making it challenging for authorities to identify and apprehend the actual perpetrators of crimes.
The NCC’s message aimed to educate the public on the risks associated with pre-registered SIM cards and encourage compliance with legal guidelines to enhance national security.
Using pre-registered SIM card may land you in jail, NCC warns
News
Police grill Osun monarch, Ataoja of Osogbo, over petition
Police grill Osun monarch, Ataoja of Osogbo, over petition
The Ataoja of Osogbo, Oba Jimoh Olanipekun Oyetunji was on Thursday grilled by the police over a petition purportedly by a co-monarch in Olorunda local government area.
But The Nation learnt that Oba Oyetunji was invited to Abuja by security operatives over a petition by a king under his domain relating to fund.
READ ALSO:
- 47 Boko Haram/ISWAP terrorists surrender
- Death toll in Kano mosque explosion rises to 11
- FG fixes May 24 to open student loan portal
- Reps order arrest of 4 accused of slapping female doctor while passing a walkway
When contacted the Secretary of the palace, Mr Wasiu Bello confirmed that Oba Oyetunji travelled to Abuja over a petition filed against him.
National President, Osogbo Progressive Union (O.P.U) dispelled insinuations that Ataoja was arrested by police in Abuja.
News
Banire, others to speak at NACOMYO Lagos workshop/retreat
Banire, others to speak at NACOMYO Lagos workshop/retreat
The National Council of Muslim Youth Organisations (NACOMYO) Lagos chapter says it will hold its 4th Mid-term Workshop/Retreat on June 8, 2024.
The event fixed for the NERDC Conference Centre, Alausa, Ikeja, would focus on crucial topics relevant to the socio-economic and political landscape of Nigeria, particularly in Lagos State, NACOMYO said.
According to a statement by the organisation, a former Chairman of Asset Management Corporation of Nigeria (AMCON) Dr. Muiz Banire will give the keynote address at the event under the theme ‘Leadership, Governance and Economic Imperative: Muslim Youth in the Post-Subsidy Era’.
“Additionally, the workshop will feature lead paper presentations by notable figures including Honorable Abubakar Mobolaji Ogunlende RAK, the Commissioner for Youth and Sport in Lagos State, and Honorable Ibrahim Layode, the Commissioner for Home Affairs in Lagos State.
“One of the highlights of the event will be a guest lecture delivered by His Eminence Sheikh Engr. Sulaimon Abuo-Nola, the Grand Chief Imam of Lagos,” it stated.
The State Coordinator of NACOMYO Lagos State, Alhaji Isiaka Salami, it added, would lead other members to the event.
Your pension funds safe, won’t be accessed illegally, FG tells workers
Cult war rages in Benue community, govt imposes curfew
Updated: Cameroonian, two Nigerians arrested over kidnapping
-
Business1 day agoDollar crashes against Naira at official market
-
News16 hours agoUpdated: Reps condemn assault on Nasarawa female doctor by patient family
-
metro1 day agoThree police officers sentenced to life imprisonment in Anambra
-
Aviation19 hours agoUpdated: We’ll resume Lagos-Dubai flights on October 1, says Emirates
-
News1 day agoWike, Fubara are ego-driven, crude – Reno Omokri
-
metro2 days agoNigerian who killed wife in UK bags life jail
-
Education3 days agoBREAKING: ASUU threatens fresh nationwide strike over federal varsities’ condition
-
Auto2 days ago150 OEMs, others set for Lagos motor fair, Africa autoparts expo