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News/Opinion

Senate Bill To Ban Foreign Currencies, Including Dollars, Scales First Reading

17 December

Reported by Ayooluwa Afolabi

The senate bill seeking to prohibit the use of foreign currency for payments and transactions within Nigeria has scaled first reading in the House of Senate.


The proposed legislation, which aims at ensuring all payments—including salaries and transactions—are conducted in Naira, seeks to eliminate discriminatory practices and strengthen confidence in the local currency. This includes making it mandatory for exports to be paid for in Naira.


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.


According to Senator Nwoko, the widespread use of foreign currencies in Nigeria’s financial system undermines the value of the Naira, perpetuating economic challenges.


He described the use of the dollar, pound sterling, and other foreign currencies for domestic transactions as a colonial relic that continues to hinder Nigeria’s economic independence.


 


 



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