Falana demands date fixed by CBN to end multiple exchange rate in Nigeria

Human rights lawyer, Femi Falana SAN on Wednesday demanded information from the Central Bank of Nigeria (CBN) on the date fixed to abolish multiple exchange rate in Nigeria.

24 hours earlier, the lawyer made similar request from the apex bank, requesting information on measures it adopted to stop trading goods and services in foreign currencies in Nigeria.

Falana demanded both information pursuant to the Freedom of Information Act 2011. Under the act, CBN has seven days to respond and release the information. It has additional seven days failure of which Falana can challenge the institution before a court of competent jurisdiction. If found guilty, the bank could be fined up to N500,000:00(Five hundred thousand naira) for failure to provide such information. The principal officer of the institution is also liable upon conviction, to one year imprisonment without an option of fine.

Below is the latest letter dated May 24, 2022:

The Secretary,
Central Bank of Nigeria,
Plot 33, Abubakar Tafawa Balewa Way,
Central Business District,
FCT Abuja.

REQUEST FOR INFORMATION ON ABOLITION OF MULTIPLE EXCHANGE RATES IN NIGERIA.

While speaking at a virtual Investors Conference with the Federal Government of Nigeria organized by CitiBank on June 23, 2020, the Governor of the Central Bank of Nigeria (CBN), Mr. Emefiele disclosed that the various exchange rates would be unified around the I & E Window (NAFEX) exchange rate.

Furthermore, Mr. Emefiele dismissed activities in the parallel market as illegal business, adding that people patronizing the market are “doing dealings that are not recognized by authorities. He said: “The CBN has always maintained that the black market is not a good determinant of the value of the naira. You’ll find that people who are in a hurry and do not want to procure the kind of documentation required, will sometimes rush to those markets. But we have used the period of this pandemic to prove that anybody dealing in that market is dealing in an illegal business.”

The Minister of Finance and National Planning, Zainab Ahmed, confirmed the plan of the Central Bank of Nigeria (CBN) to unify the exchange rates in the country. The Minister, who spoke at the interactive session on the Medium Term Expenditure Framework (MTEF), organised by the House of Representatives Committee on Finance in Abuja on August 17, 2021, said the policy would end the multiple exchange rates that had bedevilled the country.

In view of the foregoing, we hereby request you to furnish us with information on the date fixed by the Board of the CBN to end the multiple exchange rates regime and unify the exchange rates in the country.

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 7 days upon the receipt of this letter.

Please accept the assurances of my highest esteem and professional regards.

Yours sincerely,

FEMI FALANA, SAN, FCI Arb.