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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.
It has been reported that a Nigerian won the 2026 Spelling Bee World Championship, which was held in Shanghai, China. The winner, Chinedu Great Okdediachi, has now returned home to Delta State after his victory.
It can be noted that the student had already emerged as one of the Gold Award winners in the Middle School Group category.
“Congratulations once again, Chinedu! Your success continues to inspire young Nigerians to pursue excellence through education. Welcome home, Champion!”
The young star has made Nigeria proud by winning the international competition.
President Bola Ahmed Tinubu has stated that his administration’s economic reforms have helped stabilise Nigeria’s economy and placed the country on a path toward steady growth.
He said “My reforms have stabilised Nigeria’s economy and put it on a path of steady growth.”
The President added that the reforms are creating more opportunities for development across the country.
However, many Nigerians reacted online, with some questioning the impact of the reforms and saying they have yet to experience the positive effects.
Nigerian politician and FCT Minister, Nyesom Wike, has said that he is aware many civil servants do not like him.
He shared that he understands why he is unpopular among some civil servants, explaining that funds previously spent on unnecessary conferences are now being redirected to road construction projects.
He said “Some people say conferences for corruption and I say what is that? You are going for conferences to do what? These are ways government funds are being diverted. I say put this money in this road here and the people will get the impact.”
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