ABUJA —The House of Representatives,
yesterday, moved to ban the use of
foreign currencies in local and domestic
transactions in Nigeria. This was sequel
to a motion brought to the floor of the
House by Hon Nadu Karibe, representing
Bayelsa State.
Karibe who led the debate had argued
that “every country has its currency
which serves as a means of exchange, a
symbol of identity, a source of pride and
a sign of independence and economic
stability.”
He also observed that “without
equivocation, the Naira is the only means
of exchange for local and domestic
transactions in Nigeria. There is a
growing trend in the use of foreign
currencies, especially the US Dollar for
payments of school fees, hotel bills, real
estate, rent and purchase in bars, night
clubs, luxury good shops, in Nigeria.”
He further argued that “this trend has
led to the high demand of these foreign
currencies, especially the US Dollars in
Nigeria.”
Speaker of the House, Hon Aminu
Tambuwal at this juncture asked
members to make their contributions.
In his contribution, Hon Warman
Ogoriba said: “I was in South Africa
where I wanted to pay my hotel bills in
dollars and it was rejected. Honestly I
was pleasantly surprised because here
Nigerians freely use the dollar. I urge
members to support the motion and the
CBN to ban the use of foreign currencies
in local transactions”.
Speaking in the same vein, Hon Buba
Jibrin representing Kogi State said: “In
my opinion this motion is very timely. In
foreign lands we are made to change
dollars into local currencies using our
passport as an identification mark. But
here in Nigeria even in our shopping
malls dollars are freely used and that is
wrong. It is only the high and mighty
that spends Dollars the way they like.”
Speaking against the motion, Hon Aminu
Sulayman said: “I see this motion as a
glorified one as only inconsequential
number of Nigerians use the dollar in
Nigeria. This matter should be left for the
appropriate authority to handle or the
motion should be thrown out through
the window.”
The Speaker, Aminu Tambuwal quickly
pointed out to Sulayman that there was
no window in the chamber.
Also in his contribution, Hon Ali Madaki
representing Kano said: “If Nigeria is
really serious and wants investors, we
need to use Dollars. If we look at Dubai
today Dollars are openly used and just in
the 1970s they came here to borrow
money from us. They wanted to borrow
$10 million but the then Obasanjo
administration was told the place was a
desert but look at Dubai today, is it not
better than Nigeria? We need investors
to grow our economy.
Hon 0gbuefi Ozomgbachi, however, in
his contribution said: “There is an
existing Act of Parliament that forbids
Nigerians from using foreign currency
for marketing purposes.”
But while rounding up the debate, Hon
Karibe said: “This motion is not against
the sale of foreign currencies what it is
against is its usage in local and domestic
transactions in Nigeria.”
This attracted a loud ovation from
members and when the Speaker put it to
a voice vote it was unanimously
adopted.”


Source- www.vanguardngr.com/2013/02/reps-move-to-ban-use-of-foreign-currencies/

.