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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.
Since Uber exited Nigeria, rumours have been circulating over why the company left the country. One of the claims suggested that FAAN was part of the reason for the exit.
The Federal Airports Authority of Nigeria (FAAN) has now addressed the rumours and claims of its involvement in Uber’s decision to leave Nigeria.
FAAN said it could not speak for Uber’s decision, noting that the company likely had its own economic and regulatory considerations for leaving Nigeria.
FAAN’s Managing Director, Olubunmi Kuku, said “I can’t speak to Uber’s exit from Nigeria. I am sure they have their own economic and regulatory decisions as to why they chose to exit.”
Governor of Akwa Ibom, Pastor Umo Eno, reflected on a career choice he made when he had no choice back then.
The governor recalled how he made not less than ₦10 million in a month from selling bread and akara.
He stated “I started selling Akara and bread. Back then, I was doing Akara Burger — we opened the bread and put Akara inside for you. I made not less than ₦10 million in a month.”
Many Nigerians reacted and wondered if his reflection was in response to what the First Lady advised Nigerians earlier about selling corn.
Uber makes headlines in Nigeria as it announces that it is leaving the country. The transportation and logistics business has been in operation in Nigeria since 2014 and suddenly announced its exit on September 2, 2026.
This started with users receiving a message from the team stating that the company would be leaving Nigeria, and the announcement quickly began trending as many Nigerians started talking about Uber’s exit.
Uber shared “We are writing to share some difficult news. After a thorough review of our business, we have made the tough decision to wind down our operations in Nigeria, effective 2 September 2026.
“This wasn’t a decision we made lightly, because it will have a real impact on our teammates and friends who have worked hard for Uber. It’s important to say that these changes are about how we’re organised and what we’re prioritising, not about anyone’s contributions to Uber, which we will always value,” Khosrowshahi said.
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