BREAKING: Bill to ban use of foreign currency in Nigeria Scales first reading

A bill seeking to ban the use of foreign currencies for transactions in Nigeria has passed its first reading in the Senate.

The legislation, introduced by Senator Ned Munir Nwoko, aims to strengthen the Naira by making it the sole currency for all payments, including salaries and exports.

The bill seeks to eliminate the practice of conducting domestic transactions in foreign currencies, which Nwoko argued has undermined the Naira’s value and perpetuated economic challenges.

It also requires that Nigerian exports, such as oil, be paid for in Naira, which would drive demand for the local currency.

Key elements of the bill include:

– A prohibition on salaries, transactions, and payments in foreign currencies, mandating that all workers, including expatriates, be paid in Naira.
– A move to require that Nigerian exports be sold only in Naira, compelling international buyers to purchase the currency.
– Measures to promote economic growth through affordable loans to stimulate industrialization.
– Reforms to manage Nigeria’s foreign reserves domestically, ensuring greater economic sovereignty.

If passed, the bill could mark a significant shift in Nigeria’s monetary policy, positioning the Naira at the center of the country’s financial system.