Nigerian Senate Pushes for Ban on Dollar Salaries and Foreign Currency Transactions The Nigerian Senate has introduced a bill aimed at eliminating the use of foreign currencies for payments and transactions within the country. This legislation, sponsored by Senator Ned Munir Nwoko, recently passed its first reading and proposes significant changes to financial operations in Nigeria. The bill, 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,” seeks to establish the Naira as the sole medium of payment for all domestic transactions, including salaries. Key Objectives of the Bill Why the Bill Matters Senator Nwoko argues that the widespread use of foreign currencies, such as the Dollar and Pound Sterling, for domestic transactions is a remnant of colonial influence. He believes this practice undermines Nigeria’s economic independence, perpetuates inflation, and weakens the Naira. By enforcing Naira-based transactions, the proposed law aims to tackle these challenges head-on. Conclusion The Nigerian Senate’s proposed bill could mark a turning point for the economy by reinforcing the Naira’s central role. If implemented, this legislation will prohibit salaries, exports, and domestic payments in foreign currencies, encouraging greater reliance on the Naira and fostering long-term economic stability. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
