Bill seeking to prohibit use of foreign currencies in Nigeria scales first reading at Senate

In light of a bill sponsored by Senator Ned Nwoko aimed at curbing the use of dollar and other foreign currencies in the country in order to maintain and improve the current value of naira, the Senate during a seating deliberated and okayed the bill to pass first reading.

Nwoko’s bill titled 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” is focused on ensuring that all payments including salaries and other transactions are done using the local currency, Naira.

According to the Chairman of the Senate Committee on Reparations and Repatriation, continuous use of foreign means of payment will hinder economic independence and undermine the value of the Naira.