Femi Falana, human rights advocate and senior lawyer, has
asked the Central Bank of Nigeria (CBN) to provide information on measures
adopted to halt the growing practice of trading goods and services in foreign
currencies in the country.
Falana made the demand in a letter dated May 24, 2022, and
addressed to the CBN secretary.
The senior lawyer said the naira has continued to fall
rapidly against the dollar, exchanging for over N600 in the parallel market.
He accused the apex bank of allowing the “dollarisation” of
the Nigerian economy amid the party primaries.
Dollarisation refers to the usage of the U.S. dollar in
addition to or instead of the domestic currency of a country.
According to Falana, politicians who are involved in buying
up available dollars in the market to compromise party officers and delegates for
the primary elections have worsened the depreciation of the naira.
Invoking the Freedom of Information Act (FOIA), he informed
the CBN of its obligation to provide him with the requested information within
seven days.
“On March 24, 2015,
the governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele frowned
at the growing practice of trading goods and services in foreign currencies
instead of the naira in Nigeria,” the letter, seen by TheCable, reads.
“In particular, Mr. Emefiele, said that, ‘the official
currency for doing business in Nigeria remains the naira. Collecting rents or
school fees in dollars in Nigeria is illegal. We like to advise those involved
in these practices to desist from them, because CBN would very soon begin to go
after them.’
“But for reasons best known to the members of the Board of
the CBN, the devaluation of the naira via dollarisation has been allowed to
continue unabated.
“The financial crisis has been compounded by some
politicians who are involved in buying up available dollars in the market to
compromise party officers and delegates as well as administrative and judicial
officers.
“Thus, due to the
criminal conduct of such politicians and other interest groups involved in
collecting dollars for goods and services in the country, the naira is
currently exchanging for over N600 to a dollar in the so-called black market.
“In view of the foregoing, we are compelled to request for
information on the measures adopted by the CBN to halt the growing practice of
trading goods and services in foreign currencies instead of the naira in
Nigeria.
“As this request is made under the Freedom of Information
Act, 2011 you are required to furnish me with the requested information not
later than seven days upon the receipt of this letter.”
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