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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.
Catholics across Benue State came together on Thursday in a heartfelt prayer walk, seeking God’s help for peace to return to the troubled region. The walk, which drew large crowds from different parishes, was marked by hymns, placards, and quiet reflection. Priests, religious groups, and lay faithful joined in solidarity as they moved through the streets.
They also prayed for the victims of the recent violence, including those killed in the attack on Yelwata, Guma Local Government Area, where many lives were lost. Those who took part in the procession spoke out about the rising insecurity and called for healing, unity, and a renewed sense of justice in the state.
The recent surprise visit to Benue State by President Bola Tinubu has stirred many reactions from the public.
It was reported that some school children who were outside were urged to welcome the president under the rain.
It was also noted that what started as a simple welcome turned into a political rally for the President and the Governor of the state.
This gained many criticisms from the public, especially online, as they shared their thoughts on the visit and the welcome. Many highlighted the fact that it was meant to be a condolence visit and not a celebratory event.
It has been reported that President Bola Tinubu just arrived to Benue State amid the violence attacks happening.
It can be recalled that the state recently through a massacre as 200 lives were lost due to the violence attacks by armed people.
No solutions has been addresses to what will happen in Benue state, till now. President Tinubu arrives to Benue state, the people now hope for a solution to be given and justice to be served.
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