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Penalty For Spending Money Aside Naira In Nigeria Without CBN Assent Is 6 Months In Jail – Femi Falana

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Senior Advocate of Nigeria, Femi Falana has warned that according to section 20 sub-section 5 of the Central Bank of Nigeria Act, anyone who spends any currency aside from the naira has committed an offense of which the penalty is six months imprisonment.

He made this statement while speaking on the decision of the CBN to float the Naira at the foreign exchange market

According to Falana who appeared in an interview on Channels TV, “As long as these guys in government are not prepared to strengthen the naira and to make the naira the only legal tender in Nigeria you are not going to go far.

Speaking from a legal perspective, I have had to sue the Central Bank in Federal High Court because section 16 of the Central Bank Act provides or has imposed a duty on the Central Bank to fix and determine the rate of the naira viz-a-viz other currencies, so there is no provision for floating the naira.

Speaking further, the legal luminary said “It is illegal to say the value of the naira will be determined by market forces. That is not there in the law. Section 20 of the CBN Act provides that the only legal tender in Nigeria shall be the currency note issued by the CBN which is the naira. Section 20 sub-section 5 provides that anybody who spends any other currency in Nigeria without the approval of the CBN has committed an offense and shall be prosecuted. The penalty is 6 months in prison”.

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News

FG Clarifies Renaming of Murtala Muhammed Expressway

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Minister Of Information
– FG denies renaming Murtala Muhammed Expressway after Wole Soyinka
– New road inaugurated by President Tinubu named Arterial Road N20
– Murtala Muhammed Expressway remains unchanged

The Federal Government has dispelled rumors that the Murtala Muhammed Expressway in Abuja was renamed Wole Soyinka Way.

The government clarified that the renaming of the expressway was never considered by the current administration.

Instead, a new road was inaugurated by President Bola Tinubu on June 4, 2024, which was named Arterial Road N20.

This new road connects the Outer Northern Expressway to the Northern Parkway and was named after Prof. Wole Soyinka.

The confusion arose from a proposal by the FCT Minister, Nyesom Wike, during the inauguration, which was approved by President Tinubu. ”

The government emphasized that the Murtala Muhammed Expressway remains unchanged, honoring the legacy of the former Head of State, Gen. Murtala Ramat Muhammed.

Therefore, the Arterial Road N20 is named after Prof Soyinka.

The Murtala Muhammed Expressway remains unchanged, the government stressed.

 

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Politics

Rivers State on Edge as Youths Storm LG Headquarters Amid Tenure Crisis

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Rivers State Governor
– Tension rises in Rivers State as youths occupy LG headquarters
– LG chairmen refuse to vacate office despite expiration of tenure
– Police deploy security operatives to maintain peace

Tension mounted in Rivers State on Monday as youths occupied the Degema Local Government Area headquarters, demanding that the council chairmen vacate office.

The youths, who were seen singing war songs, barricaded the entrance and vowed to remain until Wednesday.

The crisis follows the expiration of the tenure of local government chairmen in the state, with the chairmen refusing to step down citing a new law passed by the state House of Assembly.

The law empowers them to extend their tenure by six months, a move opposed by Governor Siminalayi Fubara.

In a similar development, youths stormed the Asari-Toru Local Government Area headquarters, occupying the building and vowing to resist any attempt by the council chairman to remain in office.

The situation was tense but peaceful, with security operatives deployed to maintain order.

Meanwhile, the outgoing chairman of Eleme LGA, Obarilomate Ollor, warned those eager to throw him out of office not to come close to the council, threatening to unleash terror on such invaders. “Some people are ganging up, they want to use force to enter into the local government, If you go there against the law, what you will see you will not believe it.”

The police have urged everyone to maintain peace in the state, with the spokesperson, Grace Iringe-Koko, saying “Our men were on a show of strength this morning. We are still monitoring the situation.”

 

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