CBN, in its preliminary objection to the suit, is contending that Falana does not have legal standing to file the suit and that the court lacks the jurisdiction to entertain it.
He is also asking the court to compel the CBN to stop the dollarisation of the economy since Section 20 of the Act stipulates that the Naira is the only legal tender in Nigeria. He, therefore, wants the Court to hold that in line with the CBN Act, the exchange rate of the Naira shall be determined, from time to time, by a suitable mechanism devised by the Bank for that purpose.
The Bank is therefore urging the honourable court to dismiss the suit or, in the alternative, strike out the c on because of the jurisdiction to entertain it.
Source: Law Daily Report (lawdailyreport.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
You lack locus standi to challenge us on Naira depreciation, CBN tells FalanaThe Central Bank of Nigeria, CBN, has challenged the legal standing of the human rights lawyer, Mr. Femi Falana SAN to pray the Federal High Court to compel the CBN to stop the alarming depreciation of the Naira.
Source: vanguardngrnews - 🏆 5. / 75 Read more »
Naira depreciation’ll affect volume of imports — StakeholdersA Nigerian newspaper and Online version of the Vanguard, a daily publication in Nigeria covering Nigeria news, Niger delta, general national news, politics, business, energy, sports, entertainment, fashion,lifestyle human interest stories, etc
Source: vanguardngrnews - 🏆 5. / 75 Read more »
Withdraw new naira notes, they’re demonic – Primate Ayodele to CBN gov, CardosoThe Leader Of INRI Evangelical Spiritual Church, Primate Elijah Ayodele, on Sunday advised the Governor of Central Bank Of Nigeria (CBN), Yemi Cardoso, to withdraw the new naira notes designed by the former administration.
Source: DailyPostNGR - 🏆 11. / 59 Read more »
Alleged Cybercrime: Court adjourns Naira Marley’s caseThe Economic and Financial Crimes Commission (EFCC) prosecuted Naira Marley for the first time on 20 May 2019.
Source: PremiumTimesng - 🏆 3. / 78 Read more »
Alleged Cyber Crime: Court Adjourns Naira Marley’s CaseIn a Lagos Federal High Court on Monday, the trial of Nigerian singer Azeez Fashola, aka Naira Marley, accused of cybercrime, was once again put on hold, with
Source: LeadershipNGA - 🏆 4. / 77 Read more »
Alleged cyber crime: Court adjourns Naira Marley’s caseA Federal High Court sitting in Lagos has adjourned the continuation of trial of Nigerian singer Azeez Fashola, a.k.a Naira Marley, charged with cybercrime until November 13 and 30. Justice Nicholas Oweibo adjourned the case on Monday following the absence of Naira Marley from court.
Source: DailyPostNGR - 🏆 11. / 59 Read more »