Nigeria’s lawmakers have advanced a bill to ban the use of foreign currencies in local transactions. Learn about the implications and next steps.
A legislative proposal aimed at banning the use of foreign currencies for transactions and payments in Nigeria has successfully undergone its initial reading in the Senate.
This proposal, known as “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,” is sponsored by Senator Ned Nwoko, who chairs the Senate Committee on Reparations and Repatriation.
The bill seeks to enforce the exclusive use of Nigeria’s local currency, the Naira, for all financial dealings, including salaries.
Senator Nwoko highlighted that the prevalent use of foreign currencies like the Dollar and Pound Sterling diminishes the Naira’s value and exacerbates the nation’s economic difficulties, labeling this practice as a “colonial relic” that obstructs Nigeria’s journey toward economic self-sufficiency.
Peoplesmind
