BILL TO PROHIBIT USE OF DOLLARS, FOREIGN CURRENCIES IN NIGERIA SCALES FIRST READING AT SENATE
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The bill that aims to outlaw the usage of foreign currency in Nigeria has passed the Senate’s first reading.
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 the Chairman of the Senate Committee on Reparations and Repatriation, Senator Ned Nwoko.
The purpose of the proposed law is to guarantee that the naira, the native currency, is used for all payments, including salaries and other transactions.
The extensive usage of foreign currencies in the nation’s financial system, according to Senator Nwoko, devalues the Naira and prolongs economic difficulties.
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According to the congressman, Nigeria’s economic independence is still hampered by the colonial practice of using foreign currencies for transactions, such as the dollar, pound sterling, and others.
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