Bill to prohibit use of foreign currencies pass 1st reading in the senate.

By Divine Sam

A bill aiming to prohibit the use of foreign currencies 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 introduced by Senator Ned Nwoko, the Chairman of the Senate Committee on Reparations and Repatriation.

The proposed law seeks to make the use of the local currency, the naira, mandatory for all transactions, including salaries and other payments. Senator Nwoko argued that the widespread use of foreign currencies, such as the U.S. Dollar and the British Pound, is detrimental to the value of the naira, contributing to Nigeria’s economic challenges. He characterized the use of foreign currencies as a lingering colonial legacy that continues to undermine Nigeria’s economic sovereignty and independence.