A bill seeking to prohibit the use of foreign currency
in Nigeria has passed first reading in the House of Senate.
The bill was sponsored by the Chairman of the Senate
Committee on Reparations and Repatriation, Senator Ned Nwoko.
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,” passed first
reading on Monday.
Recall that the proposed legislation is aimed at
ensuring all payments including salaries and other transactions are done using
the local currency, naira.
According to Senator Nwoko, the widespread
use of foreign currencies in the country’s financial system undermines the
value of the Naira, which he said, perpetuates 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.
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