A bill seeking to prohibit the use of foreign currencies for transactions within Nigeria has successfully passed its first reading in the Senate.
The proposed legislation, sponsored by Senator Ned Munir Nwoko, aims to strengthen the Naira by establishing it as the exclusive currency for all payments, including salaries and export transactions.
According to Senator Nwoko, the bill targets the prevalent practice of domestic transactions being conducted in foreign currencies, which he argued contributes to the devaluation of the Naira and exacerbates Nigeria’s economic challenges.
Key provisions of the bill include:
Prohibiting all salaries, payments, and transactions in foreign currencies, requiring that all workers—both local and expatriates—be paid in Naira.
Mandating Nigerian exports, including oil, to be paid for in Naira, thereby driving demand for the local currency.
Promoting economic growth by facilitating affordable loans to stimulate industrialization.
Ensuring domestic management of Nigeria’s foreign reserves to bolster economic sovereignty.
If enacted, the bill would mark a significant shift in Nigeria’s monetary policy, repositioning the Naira as the backbone of the country’s financial system and fostering long-term economic stability.
