Lagos lawyer and Senior Advocate of Nigeria, Mr Femi Falana, has condemned the plans by the federal government, through the Central Bank of Nigeria (CBN), to allow market forces and the International Monetary Fund (IMF) as well as the World Bank to determine Nigeria’s foreign exchange rate.
There have been controversies over President Bola Tinubu’s decision to float the nation’s currency, the naira. While some applauded the decision, others condemned it, pointing out that the floating of the naira as well as the removal of fuel subsidy has contributed greatly to the harsh economic situation facing Nigerians.
While speaking at the opening of plenary at the 2023 Annual General Conference of the Nigerian Bar Association (NBA), in Abuja, Falana, said the fixing of the exchange rate is the exclusive right of the CBN.
“Section 16 of the CBN Act gives no room for market forces to fix the exchange rate. “It is the CBN that shall determine…it is not for the IMF or World Bank or market forces to fix it”, he said.