A proposed bill seeking to ban the use of foreign currencies in Nigeria has passed its first reading in the Senate.
The bill, sponsored by Senator Ned Nwoko, Chairman of the Senate Committee on Reparations and Repatriation, is 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 legislation, which passed its first reading on Monday, aims to mandate that all payments, including salaries and other financial transactions, be conducted in the local currency, the naira.
Senator Nwoko argued that the widespread use of foreign currencies like the Dollar and Pound Sterling undermines the naira’s value, perpetuating Nigeria’s economic struggles. He described the practice as a colonial relic that continues to impede the nation’s economic independence.