The Nigerian Senate On Tuesday passed for first reading a bill to ban the use of foreign currencies for payments and transactions within Nigeria.
Edum News gathered that the proposed bill is aimed at ensuring that all payments, including salaries and transactions, are conducted in naira.
It further seeks to address discriminatory practices and strengthen confidence in the local currency.
The bill was 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 for Other Related Matters,” is sponsored by Senator Ned Nwoko, who is the Chairman of the Senate Committee on Reparations and Repatriation.
The bill also seems to make it mandatory for exports to be paid for in naira.
According to Senator Nwoko, the use of the dollar, Pound Sterling, and other foreign currencies for domestic transactions is a way of hindering Nigeria’s economic independence.
