A bill seeking to prohibit the use of foreign currencies for financial transactions within Nigeria has passed its first reading in the Senate.
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,” was sponsored by Senator Ned Nwoko, Chairman of the Senate Committee on Reparations and Repatriation.
Senator Nwoko emphasized that t legislation aime to promote the exclusive use of the Naira for all domestic transactions, including salaries and other payments. He argued that the widespread use of foreign currencies, such as the US Dollar and the British Pound Sterling, undermines the value of the Naira and hampers Nigeria’s economic sovereignty.
Describing the practice as a colonial relic, Nwoko stated that reducing the dependence on foreign currencies would strengthen Nigeria’s economy and enhance its financial independence.
