The Nigerian Senate has taken significant steps toward prohibiting the use of foreign currencies for payments and transactions within the country, a move aimed at strengthening the Naira and boosting confidence in the local currency.
The proposed legislation, 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 for Other Related Matters,” is sponsored by Senator Ned Munir Nwoko, Chairman of the Senate Committee on Reparations and Repatriation.
According to Senator Nwoko, the widespread use of foreign currencies—such as the US Dollar and Pound Sterling—within Nigeria has been detrimental to the Naira, further weakening its value and impeding economic progress. He described this practice as a “colonial relic” that continues to undermine Nigeria’s economic independence.
The proposed bill mandates that all monetary transactions, including export payments, must be conducted in Naira. Senator Nwoko emphasized that Nigeria, with its abundant natural resources and a dynamic population, has the capacity to surpass economic milestones achieved by nations like Morocco, but this would require a fundamental shift in how Nigerians value and use their currency.
The bill also envisions Nigerian banks expanding their presence internationally and offering innovative financial solutions, such as cashless wallets, to facilitate seamless global transactions. Such tools, he noted, would address current challenges, including the limitations of Nigerian debit cards for international transactions and the reliance on domiciliary accounts for foreign currency operations.
If passed, the legislation could usher in a transformative economic era, driving economic growth, fostering cultural pride, and laying a foundation for sustainable development built on the strength of the Naira.
The Senate’s move comes amid ongoing efforts to stabilize the Naira and promote its acceptance as a symbol of Nigeria’s economic sovereignty.
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