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Senate Proposes Ban on Foreign Currency Use for Transactions in Nigeria

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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.

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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.


 

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Man Found Alive Nearly Two Weeks After Balogun Market Fire Incident

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An update has been shared on the burnt building at Balogun Market on Lagos Island, as it was revealed that a man was rescued 11 days after the building caught fire.

According to reports, the man was found alive on January 6, 2026, after being discovered under the rubble of the collapsed structure.

The survivor has since been taken for proper medical care, while further details are yet to be released.

Meanwhile, passersby and market traders have expressed concern, fearing that more people may still be trapped alive inside the building.


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Anthony Joshua Discharged from Hospital After Fatal Car Crash

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It has been reported that Anthony Joshua has officially been discharged from the hospital following the terrible car crash that claimed the lives of his two closest friends and supporters.

The boxing star was deemed stable enough to go home after the accident. After his discharge, he visited the funeral to pay his respects and see the bodies of his two friends.

Many have expressed grief and offered their support to the boxing star, praying that he will be able to find peace, as grief will undoubtedly be one of the most painful challenges he will face in life.


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‘Government Prioritizes Money More’ — PDP Calls Out FG On New Tax Law

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It has been shared that the Peoples Democratic Party (PDP) is calling on the federal government to suspend the tax law set to take effect on January 1, 2026.

This was revealed in a statement released by Ini Ememobong, National Publicity Secretary of the PDP. He stated that this new law shows how Nigerians and the masses will be affected, arguing that the government is prioritizing finance over security and other pressing matters.

“Rather than address these issues comprehensively, the Presidency has consciously minimized them and instead insisted that the commencement date must stand, despite the discrepancies,” the party said, adding that this “clearly shows where the priority of the government lies between Nigerians and money.”


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