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The Nigerian Senate has taken steps to ban the use of foreign currencies, such as the Dollar and Pound Sterling, for payments and transactions within the country.

The proposed legislation aims to strengthen confidence in the Naira and eliminate practices deemed discriminatory against the local currency.

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 for Other Related Matters,” is sponsored by Senator Ned Munir Nwoko, Chairman of the Senate Committee on Reparations and Repatriation.

Senator Nwoko highlighted that the widespread use of foreign currencies in Nigeria undermines the Naira’s value and contributes to economic instability. He described this reliance as a colonial hangover that obstructs the country’s economic independence.

The bill also proposes mandatory payments for exports in Naira, promoting its adoption in international trade. Nwoko emphasized that Nigeria, with its abundant natural resources and youthful population, can achieve greater economic milestones if it prioritizes the Naira over foreign alternatives.

Furthermore, the proposed law envisions Nigerian banks offering international financial solutions, such as cashless wallets, to ease global transactions. This approach could address challenges like debit cards being ineffective for international payments and render domiciliary accounts unnecessary.

If passed, the bill could mark a transformative shift, fostering economic growth, national pride, and sustainable development by bolstering the Naira’s strength and usage.

A tragic incident occurred at the Iyana Ishasi U-turn, inward Mile 2, on Tuesday, December 17, when a fully loaded Howo tipper truck lost control and fatally struck a woman standing by the roadside.

Preliminary reports from the Lagos State Traffic Management Agency (LASTMA) revealed that the truck, while attempting to navigate heavy traffic at high speed, suffered a brake failure. The resulting loss of control caused the vehicle to veer off its path, hitting the pedestrian, who tragically died on the spot.

Officials from the Federal Road Safety Corps (FRSC) and LASTMA, supported by officers from the Ishasi Police Division, promptly responded to manage the situation and ensure security in the area.

Reacting to the incident, LASTMA General Manager, Olalekan Bakare-Oki, expressed his condolences to the victim’s family, describing the loss as deeply regrettable. He urged motorists to prioritize safety through regular vehicle maintenance and strict adherence to traffic laws to prevent such avoidable tragedies.

The unfortunate event serves as a stark reminder of the dangers of reckless driving and poor vehicle management on Nigerian roads.