Falana tasks CBN on illegal use of dollars as exchange rate
Human rights crusader, Mr. Femi Falana (SAN), has told the Federal Government that the use of American dollars as means of exchange rate and legal tender in Nigeria is damaging the economy, and so, illegal and unacceptable.
He urged the government to correct the abnormality, adding that the issue is also hampering citizens’ right to enjoy dividends of democracy, economically.
He made reference to the current situation, where American dollars is being used as a means of exchange by some individuals as illegal and unacceptable.
Speaking at a session of Nigerian Bar Association (NBA) Section on Public Interest and Development Law (NBA-SPIDEL), Falana condemned the manner in which the Central Bank is tackling the exchange of dollar in the country.
The programme, which was moderated by the Chairman of SPIDEL, Dr. Monday Onyekachi Ubani, has the theme: “Consequences of undermining judiciary under our democracy.”
The human rights lawyer said dollar being used as a means of payment for house rent and even school fees is against the constitution and illegal.
He noted the apex bank’s agreement to enter into a currency exchange programme with China, saying, “the apex bank and China’s agreement was that, Nigerians can buy goods in China with naira and Chinese, who have projects here in Nigeria can also use Yuan, China currency. But the West, the IMF and the west has refused to allow that process to work.”
He said that the CBN should stop complaining about dollar because American dollar is not a legal tender in Nigeria. “We must insist and ban all the goods that can be produced in Nigeria from being imported.
“Why is everybody talking about dollar? They should start selling our oil in naira, because it will enhance its value. Right now, some schools are allowed to collect their fees in dollars. It is illegal.
“Some landlords collect rent in dollars. It is also illegal. Even some government departments are collecting salary in dollars. People are spraying dollars illegally in social functions and CBN pretends and claims to be taking steps to improve the quality of the naira.
How can you do that? When you have dollarise the economy and is it causing poverty,” he lamented. He urged Nigerians to demand quality governance in next year’s election.
“We must insist that we deserve security of lives and property. We deserve employment for younger people, we need to engage in production.”
According to him, the claim by the Minister of Finance that Nigeria needs N6.5 trillion to import petroleum products was not true.
“The Minister of State in the Ministry of Petroleum Resources has said publicly that this is fraud.The Comptroller General of Custom, Col. Amen Alli (rtd), said this was fraud. So, where are the figures coming from? We must insist and ask the government to deal with smugglers. We cannot be punished for the offences of smugglers,” he said.
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