Falana criticizes use of foreign currencies for transactions

Senior Advocate of Nigeria and Human Rights Activist, Femi Falana (SAN) has condemned the increased use of foreign currencies for transactions in the country.

Falana asked Central Bank Governor, Godwin Emefiele to provide information on measures adopted to halt the trading of goods and services in these currencies that are not the naira.

The request came in a May 24 letter under the Freedom of Information Act, 2011.

He urged Emefiele to provide the information no later than seven days.

His request followed the alleged use of foreign currencies during primaries of political parties and the collapse of the naira in the parallel market.

Falana recalled that the governor on March 24 frowned at the trading in foreign currencies instead of naira.

“For reasons best known to members of the board of CBN, devaluation of the naira via dollarisation has been allowed to continue unabated.

“Thus, due to the criminal conduct of such politicians and other interest groups involved in collecting dollars for goods and services, the naira is exchanged for over N600 to a dollar in the black market,” he noted.



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