Senate Bill Seeking to Ban Dollar, Foreign Currency in Nigeria Passes First Reading

A bill seeking to prohibit the use of foreign currencies in Nigeria has passed its first reading in the Senate. 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 Other Related Matters,” was introduced by Senator Ned Nwoko, the Chairman of the Senate Committee on Reparations and Repatriation.

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The bill aims to mandate that all payments, including salaries and other transactions, be conducted in the local currency, the Naira. Senator Nwoko explained that the widespread use of foreign currencies, such as the US Dollar and Pound Sterling, in Nigeria’s financial system has contributed to the depreciation of the Naira and worsened the country’s economic challenges. He described this practice as a legacy of colonialism, which continues to impede Nigeria’s economic independence.