A bill seeking to prohibit the use of foreign currencies for transactions and remuneration in 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.
The proposed legislation aims to ensure that all payments, including salaries and other financial transactions, are conducted using Nigeria’s local currency, the naira.
Senator Nwoko emphasized that the widespread use of foreign currencies, such as the Dollar and Pound Sterling, undermines the value of the naira and perpetuates economic challenges in the country.
He described the reliance on foreign currencies for domestic transactions as a colonial relic that continues to impede Nigeria’s economic independence.
