Bill to outlaw use of dollars, other foreign currencies in Nigeria is read by Senate

The bill that aims to outlaw the usage of foreign currency in Nigeria has passed the Senate’s first reading.

The Senate Committee on Reparations and Repatriation Chairman, Senator Ned Nwoko, sponsored the measure, which was named “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 proposed law would guarantee that all payments, including salaries and other transactions, be made in naira, the local currency.

The extensive usage of foreign currencies in the nation’s financial system, according to Senator Nwoko, devalues the Naira and prolongs economic difficulties.

According to the congressman, Nigeria’s economic independence is still hampered by the colonial practice of using foreign currencies for transactions, such as the dollar, pound sterling, and others.