'Section 20 Of CBN Act Has Criminalized Transacting Any Business In Any Foreign Currency' -Femi Falana

GLatestSeptember 4, 2023

1 minute read

A Senior Advocate of Nigeria And Human Rights Activist, Femi Falana has alleged that a section of the CBN criminalizes any transaction being made in any foreign currency in Nigeria.

He said in an interview with Arise Tv news that in strict adherence to the rule of law, Nigerians cannot spend dollars in Nigeria and also cannot purchase houses in dollars. He stated further that Nigeria government must put an end to the dominance of the dollar in the Nation.

He said, ”The rule of law is total, it means compliance with the constitution and the provision of other extant laws including the Central Bank act. Section 20 of the Central Bank act has criminalized transacting of any business in any foreign currency in Nigeria.

So you cannot spend dollars in Nigeria, to purchase houses, to collect rent, to collect school fees. Some of the agencies of the government like Custom, Nimasa, and the rest of them charge dollars for services rendered by the government. This is not acceptable and that is why there is so much pressure on the dollar. And that is why our economy tied to the dollar is a crisis.”