The bill seeking to prohibit the use of foreign currency in
Nigeria has scaled first reading in the House of 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 the Chairman of the
Senate Committee on Reparations and Repatriation, Senator Ned Nwoko.
The proposed legislation is aimed at
ensuring all payments including salaries and other transactions are done using
the local currency, naira.
According to Senator Nwoko, the widespread use of foreign
currencies in the country’s financial system undermines the value of the Naira,
which he said, perpetuates economic challenges.
The lawmaker described the use of the Dollar, Pound
Sterling, and other foreign currencies for transactions in Nigeria as a
colonial relic that continues to hinder Nigeria’s economic independence.
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