The Nigerian Senate has advanced a bill aimed at banning the use of foreign currencies, including the Dollar and Pound, for all transactions within the country.
Sponsored by Senator Ned Nwoko, the bill, titled “A Bill for an Act to Alter the Central Bank of Nigeria Act, 2007, No. 7, to Prohibit the Use of Foreign Currencies for Remuneration and Other Related Matters,” seeks to ensure that all financial transactions, including payments and salaries, are conducted exclusively in the Nigerian Naira.
Senator Nwoko emphasized that the persistent use of foreign currencies like the Dollar, Pound, and Euro undermines the value of the Naira and exacerbates Nigeria’s ongoing economic challenges.
He described the practice of using foreign currencies for domestic transactions as a colonial legacy that continues to hinder Nigeria’s economic independence.
If the bill is passed into law, it will compel businesses, government agencies, and individuals to abandon foreign currencies for all dealings in Nigeria, making the Naira the sole legal tender for all payments in the country.
Nwoko argued that such a move is necessary to strengthen the Naira and promote economic stability.
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