News
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.
It has been reported that the Ebola virus is rising again and there have been some cases. This has caused fear in many, with talks of different viruses spreading.
Amid this concern, the Federal Airports Authority of Nigeria (FAAN) reassured the people that no trace of Ebola has been confirmed in the country, despite the outbreak in Africa.
FAAN shared that they have been on the lookout for travellers who may have symptoms, and so far there is none.
It has been reported that the Joint Admissions and Matriculation Board, Joint Admissions and Matriculation Board (JAMB), has finally released the withheld results of 279 students.
It can be recalled that some results were held due to investigations of cheating. Some results proved to have traces of malpractice and were cancelled, but the ones without traces have been released and the students can finally move on.
JAMB also shared additional advice for students that might have not seen theirs: “Candidates whose results have not yet been released are advised to check their status by sending UTMERESULT to 55019 or 66019 using the same phone number used for registration to view their released results.”
It was reported that former Nigerian president Goodluck Jonathan has allegedly purchased a presidential candidate form for the 2027 elections.
It can be noted that Jonathan served as Nigeria’s president from 2010 to 2015.
This information was revealed by Sani Useni, a special assistant who made the claim. Many reacted to the news, with some expressing interest in seeing Jonathan return to power after staying relatively quiet politically since his administration ended.
However, Jonathan has not yet addressed the public or officially shared any presidential ambition.
Temi Otedola Opens Up About Pregnancy Discovery During Honeymoon
Reality Star Olandria Carthen Receives Warm Welcome in Lagos
Daniel Etim Effiong Sparks Debate Over Comments on Cheating
-
Entertainment3 hours agoFrank Edoho Says Legal Action Is Underway Amid Allegations
-
Entertainment2 hours agoDaniel Etim Effiong Sparks Debate Over Comments on Cheating
-
Sport3 hours ago“I Am Running Out of Energy” — Pep Guardiola Speaks on Exit
-
Entertainment2 hours agoTemi Otedola and Mr Eazi Expecting First Child Together
-
Entertainment1 hour agoReality Star Olandria Carthen Receives Warm Welcome in Lagos
-
Entertainment40 minutes agoTemi Otedola Opens Up About Pregnancy Discovery During Honeymoon