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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.
Lagos State Police react to claims of them taking money from dispatch riders on the Coastal Road in Lagos.
It started after a rumour was shared that police arrest and take money from riders as a demand for high bribes, sometimes reaching ₦200,000, and seize motorcycles if not given.
The Police Public Relations Officer, SP Benjamin Hundeyin, then addressed the claims online and stated in his statement that he disagreed that the rumour is true and stated, “The spread of misinformation only causes more harm than good. In this era, we can and must do better.”
It has been announced by the governor of Ogun that Tuesday 3rd of February is a public holiday in order to mark the 50th anniversary of the state creation.
This public holiday declaration was released in a statement by the secretary of the state, Tokunbo Talabi.
He then added that the holiday will provide as a day for the citizens to participate in the activities for the state milestone.
Former Kogi politician, Dino Melaye, faces backlash from the public after he shared a video on social media of him abroad and living well through his luxurious lifestyle.
In the same video, he speaks about Nigeria’s current economy and shares his disappointment.
He wrote, “See country, God help us to build a true nation where our wicked leaders will be in jail and the right people in power. Nigeria must be fixed. YES WE CAN.”
However, many state that what he posted and what he is saying contradict each other, and they accused him of sharing his own records to know if he was a corrupt leader.
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