Human rights lawyer, Mr. Femi Falana (SAN), filed a suit before the Federal High Court in Abuja on Wednesday, praying for an order restraining the Central Bank of Nigeria from allowing market forces to determine the exchange rate of the naira.

The senior advocate also asked the court in his suit, FHC/ABJ/CS/146/16, to direct the CBN to stop the use of the United States of America’s dollar as a legal tender in Nigeria.

The suit was filed on behalf of Falana by a lawyer in his firm, Mr. Wisdom Elum.

The CBN is sued as the sole defendant in the suit, which has yet to be assigned to a judge.
Falana alleged in the suit that the CBN’s monetary policy had led to a situation where too much naira was made to chase a few dollars with an attendant weaker naira and adverse multiplier effects such as rising inflation, closure of factories and high level of unemployment.

He also alleged that the CBN had so “dollarised the economy” that the foreign currency had become a legal tender, with school fees as well as rents now being charged and paid in dollars “to the detriment of the economy.”

What do I even know? Lemme comment sha

It's really so bad the way our economy has been dollarised, u can just imagine ordinary day care & primary schools accepting fees in dollars in our own country, some clubs 4 VIPs don't pay in Naira but dollars, politicians flooding parties with dollars all over the place, why won't the naira be this weak? If we want a change our attitudes must change & stringent measures must also be put in place to strengthen our legal tender, whoever is not comfortable should stroll to Niger or Cameroon shikena...

[b][/b][color=#770077][/color]This is what we call COMMON SENSE

Maybe it will help.

Hm, dunno what to say,

True, our naira is weak now because of the societal ills of some set of people, most schools, hotels, clubs , offices now accept only dollar as their means of trading locally. This ills can only be addressed by placing restrictive policies on its use. In as much as the dollar is always used, it would keep gaining strength over the local legal tender which is naira...

Its not rocket science, the more u use dollar the more people see value in it and want to hold it , hoard it and cash-in on it.

The CBN can do this if they limit the circulation of this currency in circulation, thereby forcing people who have no genuine use of the dollar to trade in naira, that way the naira gain strength.