- The bill proposes that all payments, including salaries and transactions, be made using the Naira
A bill introduced in the Nigerian Senate seeks to amend existing laws to ban the use of foreign currencies in transactions and payments within Nigeria’s borders.
The proposed legislation, sponsored by Senator Ned Munir Nwoko, aims to position the Naira as the central currency for all financial operations, reinforcing its dominance in the economy.
The bill proposes that all payments, including salaries and transactions, be made using the Naira. It also seeks to make it mandatory for exports to be paid for in Naira.
Senator Nwoko argues that the widespread use of foreign currencies in Nigeria’s financial system undermines the value of the Naira, perpetuating economic challenges. He describes the use of foreign currencies for domestic transactions as a “colonial relic” that hinders Nigeria’s economic independence.
The bill also proposes to prohibit salaries, transactions, and payments in foreign currencies, ensuring that all workers, including expatriates, are paid in Naira. Additionally, it seeks to compel international buyers to purchase the Naira to buy crude oil and other exports, which is expected to drive up the demand and value of the currency.
Other proposals in the bill include the abolition of informal currency markets and the storage of Nigeria’s foreign reserves domestically to safeguard the country’s economic sovereignty.
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