Central Bank of Nigeria (CBN) has challenged a suit by human rights lawyer, Femi Falana, asking the Federal High Court to compel the apex bank to stop depreciation of the naira.
 
In its preliminary objection, CBN questioned Falana’s locus standi and challenged the jurisdiction of the Federal High Court to entertain the case. It also prayed for dismissal of the case on the ground that it is statute barred.
 
In his reliefs in the originating summons, Falana, in suit number: FHC/L/CS/470/23, asked for an order stopping CBN from allowing market forces to fix and determine exchange rate of the naira vis a vis other currencies, in line with Section 16 of the Central Bank Act.
  
Falana also prayed the court to compel CBN to stop dollarisation of the economy, since Section 20(1) of the Act stipulates that the naira is the only legal tender in Nigeria.
  
CBN, in the objection filed on its behalf by Adeleke Agboola, contended that Falana has not shown that he stands to suffer more than other citizens of Nigeria regarding the exchange rate policy.
  
Other objections noted that Falana has not shown that CBN acted in bad faith and that the plaintiff has not disclosed a reasonable cause of action against CBN.
 
The bank, therefore, urged the court to dismiss the suit or alternatively, strike it out on the ground of lack of jurisdiction.