Bill to ban use of foreign currencies in Nigeria passes first reading

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 mandate the exclusive use of Nigeria’s local currency, the Naira, for all payments, including salaries and other financial transactions.

Senator Nwoko emphasized that the rampant use of foreign currencies such as the Dollar and Pound Sterling undermines the value of the Naira and contributes to the country’s economic challenges.

He further described this trend as a “colonial relic” that continues to hinder Nigeria’s path toward economic independence.