The Nigerian Senate has passed the first reading of a bill aimed at banning the use of foreign currencies, including the Dollar and Pound, for all transactions. Sponsored by Senator Ned Nwoko, the bill seeks to strengthen the Naira by mandating the exclusive use of the local currency.
The Nigerian Senate has advanced a bill that seeks to ban the use of foreign currencies 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," aims 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.
This bill has now passed its first reading in the Senate, and further discussions and debates are expected as lawmakers continue to deliberate on the proposed reforms. The bill is seen as a significant step toward boosting the local currency and addressing the economic challenges tied to the widespread use of foreign currencies in Nigeria.
