- Safiu Kehinde
The bill seeking to prohibit the use of Dollar and other foreign currency for financial transactions 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.
According to reports the bill is aimed towards ensuring that all payments including salaries and other transactions are done using the local currency, naira.
Senator Nwoko, while moving the motion of the bill, explained that the widespread use of foreign currencies in the country’s financial system undermines the value of the Naira.
This, according to him, worsened the country’s 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.