Falana asks for a timetable for the unification of the exchange rate

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Femi Falana

James Emejo

Human rights activist, Mr. Femi Falana has requested the Central Bank of Nigeria (CBN) to provide Nigerians with information on when it plans to end the multiple currency regime and unify exchange rates in the country.

Falana, in a letter to the apex bank, titled “Request for information on the abolition of multiple currency exchange rates in Nigeria”, said he was making the request under the Freedom of Information Act 2011 .

The law obliges the central bank to provide a response with the requested information no later than seven days after receipt of the letter.

The correspondence was drafted on May 24, 2022 and received at CBN on May 31.

Falana recalled that during a virtual investor conference with the Federal Government hosted by CitiBank on June 23, 2020, CBN Governor Mr. Godwin Emefiele disclosed that the various exchange rates would be unified around the ‘I & E Exchange Rate window (NAFEX).

He said, “Furthermore, Mr. Emefiele called the activities in the parallel market illegal activities, adding that people who frequent the market make transactions that are not recognized by the authorities.

“The CBN has always maintained that the black market is not a good determinant of the value of the naira. You will find that people who are in a hurry and do not want to obtain the type of documentation required will sometimes rush to these markets. But we have used the time of this pandemic to prove that anyone doing business in this market is doing business in an illegal business. »

Falana also said that the Minister of Finance and National Planning, Zainab Ahmed, during the interactive session on the Medium Term Expenditure Framework (MTEF), organized by the Finance Committee of the House of Representatives in Abuja on 17 August 2021, had also confirmed the central bank’s plan to unify exchange rates in the country.

According to him, the minister had indicated that the policy would put an end to the multiple exchange rates that plagued the country.

“In view of the above, we hereby request you to provide us with information on the date set by the CBN Board of Directors to end the multiple exchange rate regime and unify the exchange rates in the country,” the letter reads.

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