Human rights lawyer Femi Falana has taken legal action to challenge what he considers the “illegitimate” decision by the Central Bank of Nigeria to allow the Naira to float freely.
In a recent move on June 14, when the Naira was trading at around 730 to 755 against the US Dollar at the Investors and Exporters (I&E) window, the Central Bank reportedly instructed Deposit Money Banks to permit the Naira to fluctuate against the US Dollar and other global currencies.
As of the most recent data available, the CBN website indicates an exchange rate ranging between N744 and N746 to the US Dollar.
Speaking on Channels TV on August 18, Falana argued that the CBN Act obligates the central bank to establish the exchange rate rather than allowing it to float freely.
“The notion of letting the Naira’s value be determined by market forces is not stipulated in the law. I’ve had to take legal action against the Central Bank of Nigeria in the Federal High Court because Section 16 of the Central Bank Act mandates the Central Bank to set and ascertain the Naira’s exchange rate relative to other currencies,” he stated.
He pointed out that Section 20(1) of the CBN Act designates the currency notes issued by the Central Bank, i.e., the Naira, as the only legal tender in Nigeria.
Furthermore, he explained that Section 20 (5) of the Act establishes an offense for anyone who uses a different currency in Nigeria without the central bank’s authorization. Such individuals “shall be prosecuted” and face a penalty of six months’ imprisonment.
Falana contended that unless government officials take concrete steps to strengthen the Naira and establish it as the sole legal tender in Nigeria, meaningful progress won’t be achieved.
The Senior Advocate of Nigeria also commented on the Federal Government’s allocation of N5 billion to each state and the Federal Capital Territory (FCT). Although the National Economic Council (NEC) stated that this funding would enable the procurement of food items for distribution to the impoverished within their respective states, Falana criticized these measures as diversionary.
“These measures are temporary and some are merely distractions. Government officials have failed to address the root cause of the crisis, which is the increasing reliance on the US Dollar. Any relief measures announced will essentially be eroded by the pervasive use of the US Dollar in the economy,” he contended.
Julian Daily Gist Editorial Team
Julian Daily Gist Editorial Team is the team responsible for researching, writing, editing, and publishing news and feature content on Julian Daily Gist. Our coverage includes Nigerian current affairs, lifestyle, entertainment, sports, health, business, and human-interest stories. We aim to provide readers with timely, accurate, and responsibly sourced information.
The Julian Daily Gist Editorial Team researches, writes, edits, and publishes news and feature content covering Nigerian current affairs, entertainment, sports, health, business, lifestyle, and human-interest stories.
We aim to provide accurate, timely, and responsibly sourced information and update our reports when credible new information becomes available.
The Julian Daily Gist Editorial Team is responsible for researching, writing, editing, and publishing content across Julian Daily Gist.
Our coverage includes Nigerian current affairs, politics, business, entertainment, sports, health, lifestyle, and human-interest stories.
We aim to provide readers with timely, accurate, useful, and responsibly sourced information. Our team makes reasonable efforts to verify important information, identify sources, distinguish allegations from confirmed facts, and update reports when credible new information becomes available.
We also believe in transparency and accountability. Readers can contact our editorial team to report factual errors, request corrections, or provide additional information relevant to a published story.
Editorial focus: News, current affairs, lifestyle, entertainment, sports, health, business, and human-interest stories.
Team BIo:
The Julian Daily Gist Editorial Team is responsible for researching, writing, editing, and publishing content across Julian Daily Gist.
Our coverage includes Nigerian current affairs, politics, business, entertainment, sports, health, lifestyle, and human-interest stories.
We aim to provide readers with timely, accurate, useful, and responsibly sourced information. Our team makes reasonable efforts to verify important information, identify sources, distinguish allegations from confirmed facts, and update reports when credible new information becomes available.
We also believe in transparency and accountability. Readers can contact our editorial team to report factual errors, request corrections, or provide additional information relevant to a published story.
Editorial focus: News, current affairs, lifestyle, entertainment, sports, health, business, and human-interest stories.
Editorial Policy:
At Julian Daily Gist, our goal is to provide readers with timely, useful, accurate, and responsibly presented news and information.
We cover Nigerian current affairs, politics, business, entertainment, sports, health, lifestyle, human-interest stories, and other topics of interest to our readers.
1. Accuracy and Verification
We make reasonable efforts to ensure that information published on Julian Daily Gist is accurate and presented in its proper context.
Before publishing a report, our editorial team makes reasonable efforts to:
- Check information against credible sources.
- Verify names, dates, locations, figures, and other important details.
- Attribute information to the appropriate source.
- Distinguish confirmed facts from allegations, claims, opinions, and speculation.
- Update stories when credible new information becomes available.
When information cannot be independently verified, we make this clear to readers rather than presenting it as established fact.
2. Sources
We use a range of sources, including:
- Official government statements.
- Police and security agencies.
- Courts and legal documents.
- Government agencies.
- Direct interviews and statements.
- Reputable news organizations.
- Publicly available records.
- Verified social media accounts and statements.
When an article relies substantially on information reported by another publication, we aim to clearly attribute the information to that source.
We do not intentionally present another publication's reporting as our own.
3. Originality
Julian Daily Gist aims to provide original editorial value.
When we report information that has already been published elsewhere, we seek to add value through original writing, context, verification, analysis, additional information, or other useful material.
We do not intentionally copy and republish articles from other websites without appropriate attribution and meaningful editorial contribution.
4. Allegations and Sensitive Claims
When reporting allegations involving individuals or organizations, we make reasonable efforts to clearly identify allegations as allegations.
We avoid presenting unproven accusations as established facts.
Where relevant, we seek or include responses from the person, organization, or representative concerned.
For criminal matters, we recognize that an allegation, arrest, charge, or accusation does not by itself establish guilt.
5. Headlines
Our headlines are intended to accurately reflect the content of our articles.
We aim to avoid deliberately misleading headlines, fabricated claims, or headlines that exaggerate facts simply to generate clicks.
6. Corrections and Updates
We take corrections seriously.
If we discover that an article contains a significant factual error, we may correct or update the article as appropriate.
Readers who identify an error are encouraged to contact us with specific information supporting the correction.
Where appropriate, significant corrections or updates may be noted within the article.
7. Editorial Independence
Editorial decisions are made independently of advertisers, sponsors, commercial partners, and other external interests.
Advertising or sponsorship does not automatically influence our editorial decisions or the opinions expressed by our writers.
8. Sponsored and Promotional Content
Where Julian Daily Gist publishes sponsored, paid, or promotional content, we aim to clearly identify it as such.
Sponsored content does not necessarily represent the independent editorial views of Julian Daily Gist.
9. Conflicts of Interest
Our editorial team should avoid situations where personal, financial, or other interests could improperly influence reporting.
Where a relevant conflict of interest exists, we aim to disclose it when appropriate.
10. Use of Images and Other Media
We aim to use images, videos, graphics, and other media responsibly and with appropriate permission, licensing, attribution, or other lawful basis where required.
We do not knowingly use copyrighted material in a manner that infringes the rights of its owner.
If you believe that material published on Julian Daily Gist infringes your copyright, please contact us so that we can review the matter.
11. Artificial Intelligence
We may use technology and artificial intelligence tools to assist with certain editorial tasks, such as research support, proofreading, formatting, transcription, or drafting assistance.
However, AI-generated information is not treated as automatically accurate. Content remains subject to human review, editing, fact-checking, and editorial judgment before publication where appropriate.
We do not intentionally publish fabricated information generated by AI.
12. Privacy and Personal Information
We take reasonable care when handling personal information and avoid publishing unnecessary private information about individuals.
Sensitive personal information is published only when there is a legitimate public-interest reason and where appropriate.
Our handling of visitor information is explained in our Privacy Policy.
13. Opinion and Commentary
Opinion articles and commentary represent the views expressed by the respective writer or contributor.
Where appropriate, opinion content will be identified as commentary, analysis, or opinion so that readers can distinguish it from straightforward news reporting.
14. User-Generated Content
Comments and other material submitted by readers may be moderated.
We reserve the right to remove content that is unlawful, defamatory, abusive, discriminatory, misleading, threatening, spam-related, or otherwise inappropriate.
User comments do not necessarily represent the views of Julian Daily Gist.
15. Our Commitment
We are committed to improving the quality, accuracy, transparency, and usefulness of Julian Daily Gist.
As our publication grows, we will continue reviewing our editorial practices and updating this policy when necessary.
16. Contact and Corrections
If you have a correction, clarification, complaint, copyright concern, or question about our editorial practices, please contact us through our Contact Us page.
