A bill seeking to prohibit the use of foreign currencies for transactions in Nigeria has passed its first reading in the Senate. The proposed legislation, 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 bill aims to ensure that all payments, including salaries and other financial transactions, are carried out using the Nigerian Naira. Senator Nwoko argued that the widespread use of foreign currencies, such as the Dollar and Pound Sterling, in Nigeria’s financial system has contributed to the depreciation of the Naira and deepened the country’s economic challenges.
He also referred to the use of these foreign currencies as a “colonial relic” that continues to undermine Nigeria’s economic sovereignty and independence. According to Nwoko, this practice needs to be abolished to help stabilize the local currency and promote greater economic self-sufficiency.
