18 / 100 Powered by Rank Math SEO SEO Score The Nigerian Senate has introduced a bill to prohibit the use of foreign currencies, such as the US dollar, for payments and transactions within the country. Sponsored by Senator Ned Nwoko of Delta North, the bill, titled “A Bill for an Act to Amend the Central Bank of Nigeria Act, 2007, to Prohibit the Use of Foreign Currencies for Remuneration and Transactions,” has successfully passed its first reading. Strengthening the Naira The bill aims to ensure that all financial activities, including salaries and commercial transactions, are conducted in the naira. This move is designed to restore the naira’s value, boost confidence in the currency, and enhance Nigeria’s monetary sovereignty. Nwoko highlighted that the widespread reliance on foreign currencies like the US dollar and British pound has weakened the naira and compounded Nigeria’s economic struggles. He described this practice as a colonial remnant that limits Nigeria’s economic independence. Key Provisions of the Bill Economic Security Measures Nwoko proposed storing Nigeria’s foreign reserves domestically to minimize exposure to external economic shocks and bolster economic security. He reassured Nigerians that the transition of domiciliary account balances to naira would remain voluntary, allowing for a gradual adaptation to the new system. Access to Foreign Exchange While prioritizing the naira, the proposed law ensures continued access to foreign exchange for legitimate purposes, such as travel. Reforms are planned to streamline access to Basic Travel Allowance (BTA) and other foreign exchange needs. Long-Term Vision Nwoko emphasized that prioritizing the naira in domestic and international financial transactions is critical for achieving economic self-reliance and long-term stability. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel. Discover more from LMSINT STORE Subscribe to get the latest posts sent to your email. Type your email… Subscribe