A bill seeking to prohibit the use of foreign currencies for payments and remuneration 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 proposed legislation is sponsored by Senator Ned Nwoko, Chairman of the Senate Committee on Reparations and Repatriation.
The bill aims to ensure all transactions, including salaries and payments, are conducted in Nigeria’s local currency, the Naira.
Senator Nwoko noted that the widespread use of foreign currencies undermines the value of the Naira and exacerbates economic challenges. He further described the reliance on the Dollar, Pound Sterling, and other foreign currencies as a colonial remnant that hinders Nigeria’s economic independence.
The DAILY POST reports that the legislation, if passed, will promote the exclusive use of the Naira in the country’s financial system.
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