In a bid to strengthen the Nigerian Naira, the Senate has initiated a bill to prohibit the use of foreign currencies for payments and transactions within the country. The proposed legislation, sponsored by Senator Ned Munir Nwoko, aims to ensure that all monetary transactions, including exports, are conducted in the local currency.
The bill, which has passed its first reading, seeks to eliminate discriminatory practices and boost confidence in the Naira. According to Senator Nwoko, the widespread use of foreign currencies, such as the US Dollar and Pound Sterling, undermines the value of the Naira and perpetuates economic challenges.
If passed, this legislation could have significant implications for Nigeria’s economy and financial system. The bill is part of a broader effort to amend the Central Bank of Nigeria Act, which also includes proposals to reconstitute the board of the CBN and establish the position of chairman of the board.
By promoting the use of the Naira, the Nigerian government hopes to reduce its reliance on foreign currencies and stabilize the economy. This move is seen as a positive step towards achieving economic independence and boosting national pride.
