A bill seeking to prohibit the use of foreign currencies in Nigeria has successfully passed its first reading in the Senate.
The proposed legislation, sponsored by Senator Ned Nwoko, aims to amend the Central Bank of Nigeria Act to restrict foreign currencies for remuneration and other transactions.
The bill’s primary objective is to ensure that all payments, including salaries, are made in the local currency, the Naira.
Cyber Reporters learnt that this move is expected to promote the use of the Naira and reduce Nigeria’s reliance on foreign currencies.
Senator Nwoko, who chairs the Senate Committee on Reparations and Repatriation, argues that the widespread use of foreign currencies in Nigeria undermines the value of the Naira.
This he said perpetuates economic challenges and hinders the country’s economic growth.
Nwoko described the use of foreign currencies in Nigeria as a “colonial relic” that continues to hinder the country’s economic independence.
By promoting the use of the Naira, the bill seeks to address this issue and pave the way for Nigeria’s economic prosperity.
The passage of the bill is a significant step towards achieving this goal.
