You lack locus standi to challenge us on Naira depreciation, CBN tells Falana

In the preliminary objection filed against Falana’s suit on the falling rate of the Naira and dollarisation of the economy, the apex bank questioned Falana’s locus standi and also challenged the jurisdiction of the Federal High Court to entertain the case.

Beside, the apex bank wants the case dismissed on the ground that it is statute barred.

In his reliefs in the originating summons, Falana is seeking the order of the Court to stop the CBN from allowing market forces to fix and determine the exchange rate of the Naira in line with Section 16 of the Central Bank Act.