By Sabiu Abdullahi
The Nigerian Senate has taken the first step towards banning the use of foreign currencies in the country.
A bill seeking to prohibit the use of foreign currency in Nigeria has scaled first reading in the House of Senate.
The proposed legislation, sponsored by Senator Ned Nwoko, aims to ensure that all payments, including salaries and transactions, are made using the local currency, the naira.
According to Senator Nwoko, the widespread use of foreign currencies in Nigeria’s financial system undermines the value of the naira.
He described the use of foreign currencies like the dollar and pound sterling as a “colonial relic” that hinders Nigeria’s economic independence.
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,” seeks to amend the Central Bank of Nigeria Act, 2007.
This development has sparked mixed reactions, with some Nigerians expressing support for the move, while others have raised concerns about its potential impact on the economy.