The senior supporter additionally asked the court in his suit, FHC/ABJ/CS/146/16, to coordinate the CBN to stop the utilization of the United States of America’s dollar as a legitimate delicate in Nigeria.
The suit was recorded for the benefit of Falana by a legal counselor in his firm, Mr. Shrewdness Elum.
The CBN is sued as the sole litigant in the suit, which has yet to be appointed to a judge.
Falana charged in the suit that the CBN’s money related arrangement had prompted a circumstance where an excess of naira was made to pursue a couple of dollars with a chaperon weaker naira and antagonistic multiplier impacts, for example, rising swelling, conclusion of processing plants and abnormal state of unemployment.
He likewise claimed that the CBN had so “dollarised the economy” that the remote money had turned into a lawful delicate, with school expenses and leases now being charged and paid in dollars “to the hindrance of the economy.”
He fought that while the CBN had settled the conversion standard at N198 to a dollar, and President Muhammadu Buhari had kept on restating his guarantee not to cheapen the naira, the pinnacle bank “had permitted market strengths to build the swapping scale to over N400 to a dollar.”
A supporting sworn statement ousted to by another legal advisor in Falana’s law office, Mr. Femi Adedeji, expressed, “The debasement of the cash and dollarisation of the economy have made joke of the yet-to-be-passed 2016 spending plan of the Federal Government.
“The fiscal strategy of the litigant (the CBN) has prompted a circumstance whereby an excess of naira pursue couple of dollars, accordingly making the naira weaker in connection to the dollar and actuating an unfavorable multiplier impact.
“The fiscal strategy of the litigant has additionally prompted expanding costs, quickly rising swelling and loan fees, conclusion of processing plants and the specialist abnormal state of unemployment.”
The legal advisor, in this way requested that the court decide, “whether the fiscal approach of the respondent, which permits market powers to settle and decide the conversion scale of the naira is not an infringement of Section 16 of the CBN (Establishment) Act 2007 and Section 16 of the Constitution of the Federal Republic of Nigeria, 1999 as changed.”
The SAN requested that the court figure out if the CBN choice to permit the US dollar as a legitimate delicate for installment of any sum in Nigeria was not a contradiction of Section 20 of the CBN Act.
He looked for the accompanying supplications to God: “A revelation that by ethicalness of Section 16 of the CBN Act 2007 the litigant should alter and decide the conversion scale of the naira by a suitable system contrived for that reason.
“An affirmation that the money related approach of the litigant, which permits market strengths to alter and decide the conversion scale of the naira, is unlawful and illegal as it damages Section 16 of the CBN Act 2007.
“An announcement that the dollarisation of the economy using the US dollar as a lawful delicate in Nigeria is unlawful and illegal as it damages Section 20 of the CBN Act, 2007.
“A request of unending directive controlling the respondent from permitting market strengths to decide the conversion standard of the naira in any way at all and howsoever.
“A request guiding the respondent to stop forthwith the utilization of the US dollar as a lawful delicate in Nigeria in any way at all and howsoever.