Femi Falana Sues CBN Over Dollarization of Nigeria’s Economy

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Senior Advocate of Nigeria, Femi Falana, has sued the Central Bank of Nigeria (CBN) over the ‘dollarisation of the Nigerian economy’. Falana, in the suit marked FHC/L/CS/476/23, filed at the Federal High Court in Lagos, is asking the court to determine amongst others “whether 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 Bank for that purpose?”

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The human rights lawyer claimed that “the seeming non-performance of the defendant’s statutory obligations culminated in the dollarisation of the country’s economy which has, in turn, affected the country’s economy negatively contrary to the objectives of the defendant as enshrined in Section 2 of CBN Act.”

Arise News Television reports that in a 10-paragraph affidavit in support of the Originating Summons deposed to by one Mr. Ayodele Aribisala, Falana argued that the CBN had allowed many landlords in Lagos, Abuja, Port Harcourt and other cities in Nigeria for which the apex bank was established to serve to collect rents in dollars.

“The Defendant has refused to stop the collection of school fees and rents in dollars in Nigeria,” he said.

In response to the situation, AEDC issued a statement, acknowledging the nationwide power outage caused by the system failure. The management assured customers that efforts were underway to collaborate with relevant stakeholders and restore power as soon as the grid stabilizes. Despite the setback, they appealed for patience from the affected residents.

This event echoes a persistent issue in Nigeria’s power sector, as reflected in the TCN’s previous reports of 46 grid collapses between 2017 and 2022. The history of grid collapses points to the urgency of addressing infrastructure challenges to ensure a reliable and stable power supply for the nation.

In the written address in support of the suit filed on his behalf by Mrs. Funmi Falana, the plaintiff submitted that by allowing the unabated use of dollars in Nigeria to the detriment of the naira, the defendant has failed in its statutory duties to ensure that naira remains the only recognised means of legal tender in Nigeria.

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