A bill seeking to prohibit the use of foreign currencies for transactions in Nigeria has passed its first reading in the Senate.
The proposed legislation, introduced by Senator Ned Munir Nwoko, aims to strengthen the Naira by making it the exclusive currency for all domestic payments, including salaries and export transactions.
Senator Nwoko argued that the widespread use of foreign currencies for local transactions has weakened the Naira’s value and contributed to ongoing economic challenges.
Key provisions of the bill include: •Prohibiting payments, salaries, and transactions in foreign currencies, ensuring all workers, including expatriates, are paid in Naira.
- Requiring Nigerian exports, such as oil, to be sold exclusively in Naira, compelling international buyers to acquire the local currency.
- Introducing measures to boost economic growth by providing affordable loans to support industrialization.
- Reforming the management of foreign reserves to enhance Nigeria’s economic independence. If passed into law, this bill would represent a major shift in Nigeria’s monetary policy, placing the Naira at the core of the nation’s financial and trade systems
