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Senate Proposes Ban on Foreign Currency Use for Transactions in Nigeria
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.
President Bola Tinubu speaks on CNG in Nigeria and shares how the benefits from it aren’t even helping the government but are going into the pockets of truck owners.
While speaking on his promise to help the refinery and the removal of the fuel subsidy to better the country, he spoke on CNG:
“Equally, the introduction of compressed natural gas — well, I will appeal to you: we will do more and encourage you, but ask your drivers to let the benefits trickle down to commuters too, because whatever benefit is coming from CNG is going into the pockets of truck owners. It’s not spreading as fast as I would like, but it should spread.
“The refineries you mentioned are going to come back to work. We’re just building a very firm reset and structural reworking of the economics of it.”
The Nigerian youth leaders of Ogun State call on the government for their support to advance youth development in the state.
For International Youth Day, Ogun State held a programme with Nigerian youth leaders, and it was shared.
“Ogun State is at a trajectory moment of transition and continuity, and it’s a political season. We are trying to ensure that youth inclusion is key in the next administration’s agenda.”
“A dedicated ministry will help coordinate opportunities for our young people and ensure that their voices are properly channelled.”
According to reports, fuel stations are reducing their prices a bit. This has become a general thing around Nigeria after the spike due to the removal of subsidy.
The prices are dropping to ₦1,275 and ₦1,299, going lower than ₦1,300 compared to what it was before.
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