₦airaland Forum

The bill seeking to prohibit the use of foreign currency in Nigeria has scaled first reading in the House of Senate.

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 Other Related Matters,” was sponsored by the Chairman of the Senate Committee on Reparations and Repatriation, Senator Ned Nwoko.

The proposed legislation is aimed at ensuring all payments including salaries and other transactions are done using the local currency, naira.

According to Senator Nwoko, the widespread use of foreign currencies in the country’s financial system undermines the value of the Naira, which he said, perpetuates economic challenges.

The lawmaker described the use of the Dollar, Pound Sterling, and other foreign currencies for transactions in Nigeria as a colonial relic that continues to hinder Nigeria’s economic independence.

https://dailypost.ng/2024/12/17/bill-to-ban-use-of-dollars-foreign-currencies-in-nigeria-scales-first-reading-at-senate/

It's a good bill

Does this mean expats in Nigeria will now be paid in Naira and face difficulty getting their earnings out?

budaatum:
Does this mean expats in Nigeria will now be paid in Naira and face difficulty getting their earnings out?

Are Nigerians working abroad paid in Naira ?

The number one breakers of the law are the makers.

SiIk:
Are Nigerians working abroad paid in Naira?

Do Nigerians working abroad want to be paid in Naira?

Most of these eeediots receive bribes in USD.

That’s a wasteful and white elephant bill.

Such a law will never function in this country.

Those law makers will be the chief breakers of the law.

SiIk:
Are Nigerians working abroad paid in Naira ?

Think!. Nigerian experts in the West are paid with the local currencies of the host countries!

The useless NASS is the law and the crime @ the same time.

It's a stupid bill cuz the cbn act has always made sure of that.... It beats me why Nigerias assume the dollar is their problem.... If u face Chinese yuan for example, before 6years the same thing will happen....

richmond500:
It's a good bill

you guys just support everything senseless.
I work online and am paid in dollars. Banning dollars blocks alot of people from making transactions.

Xxxxtentacion2:
you guys just support everything senseless.
I work online and am paid in dollars. Banning dollars blocks alot of people from making transactions.

it's a good bill.

The bill does not stop foreign companies to pay their workers that are working in Nigeria in dollars.
If u work in Nigeria for a Nigerian company and earn in dollars, then the bill will affect u.

Most commentators on this post are dull people . A bill is being sponsored to strengthen the naira and protect our national interest yet some otondos are angry.

Xxxxtentacion2:
you guys just support everything senseless.
I work online and am paid in dollars. Banning dollars blocks alot of people from making transactions.

Is it lack of education that's your problem or lack of sense ? I feel you are being affected by both if you don't know the benefits of this Bills .

HITdemUP:
Is it lack of education that's your problem or lack of sense ? I feel you are being affected by both if you don't know the benefits of this Bills .

Please explain to us "the benefits of this Bills".

Useless bill. Who are those paying dollars in hotels, schools. Is it not the same govt officials and their friends. Abi na poor man dey pay in dollars

richmond500:
If u work in Nigeria for a Nigerian company and earn in dollars, then the bill will affect u.

Name one company in Nigeria where one earns in dollars please.

HITdemUP:
Most commentators on this post are dull people . A bill is being sponsored to strengthen the naira and protect our national interest yet some otondos are angry.

It is one thing to pass a bill. Its another thing to implement it. Rich people don't snitch on themselves. Only top govt officials and their rich friends pay for hotels, schools, apartments in dollars. Poor man does not pay for any services in dollars

budaatum:
Name one company in Nigeria where one earns in dollars please.

many online companies and Nigerian Upwork work pay in dollarz

Praxis758:
That’s a wasteful and white elephant bill.

Such a law will never function in this country.

Those law makers will be the chief breakers of the law.

Another means to take dollars away from the masses. If you are seen with dollars, you will be arrested. Those entering into the country wouldn't be able to enter with dollars. This useless bill will achieve nothing. Create jobs and industries, reduce the price of fuel and give electricity then watch the economy boom. Nah! The government wouldn't do that because the plan is to impoverish everyone.

Classic case of LET'S DO SOMETHING!!!!

All the PDP Administrations seems to have managed just fine

Just imagine if PDP retained power...

March 28 2015. A date that'll live in Infamy

Nigerians thought the APC grass was greener.
LET'S TRY AM 😳😲

SiIk:
Are Nigerians working abroad paid in Naira ?

Lol

jUST a waste of resources and time. when their allowance are quoted in dollars to hide the humongous amount?

budaatum:
Does this mean expats in Nigeria will now be paid in Naira and face difficulty getting their earnings out?

Nigerians repatriating funds back home from other countries are paid in naira?
Nigerians have a knack for seeing error in everything about their home.

Sp1ritHusband:
Most of these eeediots receive bribes in USD.

And they bringing the bill so what's your point?

pandax:
Think!. Nigerian experts in the West are paid with the local currencies of the host countries!

So what's the crime in Nigeria paying foreign experts in our own local currency?

That’s an impractical and unnecessary bill. Such a law will not be effective in this country. The lawmakers will likely be the ones who disregard it.

Xxxxtentacion2:
you guys just support everything senseless.
I work online and am paid in dollars. Banning dollars blocks alot of people from making transactions.

You can be paid in dollars if you work for a country using dollars.
Organizations like IITA pay some staffs in dollars, there are places in Nigeria that u must pay for stuffs in dollars, so you want it to continue just to satisfy ur seIfish interest even when it may likely not affect you but u will bIame politicians for looking out for their own interest when u are all practically having same mindset.

JagabanBorgu:
And they bringing the bill so what's your point?

You tell me?