A proposed bill seeking to ban the use of foreign currencies in Nigeria has passed its first reading in the Senate.
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,” the legislation was introduced by Senator Ned Nwoko, Chairman of the Senate Committee on Reparations and Repatriation.
The bill aims to enforce the exclusive use of the naira for all payments, including salaries and transactions, in a bid to strengthen the local currency.
According to Senator Nwoko, the pervasive use of foreign currencies such as the U.S. dollar and British pound sterling undermines the naira’s value, perpetuating Nigeria’s economic difficulties. He described this practice as a “colonial relic” hindering the nation’s financial independence.
The legislation represents a step towards bolstering economic sovereignty and reducing Nigeria’s dependence on foreign currencies in its financial system.
