Senate considers bill to ban use of foreign currencies in Nigeria

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

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,” the proposed legislation was sponsored by Senator Ned Nwoko, Chairman of the Senate Committee on Reparations and Repatriation.

The bill seeks to enforce the exclusive use of Nigeria’s local currency, the Naira, for all financial transactions, including salary payments. Senator Nwoko argued that the widespread reliance on foreign currencies such as the Dollar and Pound Sterling undermines the value of the Naira and exacerbates the country’s economic challenges.

Describing the practice as a “colonial relic,” Nwoko emphasized that curbing this trend is vital for Nigeria to achieve true economic independence.