₦airaland Forum

A new bill aimed at banning the use of foreign currencies, including the US Dollar and British Pound Sterling, for domestic transactions in Nigeria has passed its first reading in the 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 introduced by Senator Ned Nwoko, Chairman of the Senate Committee on Reparations and Repatriation.

The proposed legislation seeks to make the Naira the sole legal tender for all payments, salaries, and financial transactions conducted within Nigeria.

In presenting the bill, Senator Nwoko expressed concern over the widespread use of foreign currencies in the country’s financial system, which he described as a “colonial relic.”

He argued that such practices undermine the value of the Naira, perpetuating economic challenges and weakening Nigeria’s monetary independence.

“The extensive use of foreign currencies in our financial transactions continues to erode the value of the Naira and fosters a dependency that hinders Nigeria’s economic sovereignty.

“This legislation is a step toward restoring confidence in our local currency and reducing unnecessary pressures on our economy,” Nwoko stated.

If enacted, the bill will prohibit the use of foreign currencies for salaries, bonuses, and other forms of remuneration, as well as for local transactions. It aims to promote the adoption of the Naira, strengthen the economy, and encourage the use of the country’s own resources.

While the proposed law has garnered support for its potential to boost the Naira’s value and promote economic stability, it is also expected to face scrutiny.

Critics may raise concerns about the bill’s feasibility, particularly given Nigeria’s heavy reliance on foreign currencies in international trade, remittances, and private sector operations.

Source : https://politicsnigeria.com/senate-moves-to-ban-foreign-currencies-in-nigeria-insist-on-naira-only-transactions/

That's how Tinubu & Cardoso said EFEMS was bringing down the dollar to N50.

What happened?
Has it malfunctioned or is Tinubu waiting for Emeka Singapore & Dozie Hong Kong to reduce it further?


Trial and error government of clueless thieves

Senators are among the people who use it the most hahaha

Will be the best decision ever but will the powerful elites allow this?

Jesus Christ the Way Truth and the Life

Correct.

Some Colonial slave establishments such as schools and Malls insist on charging in USD.

The politicians should also remember to ban themselves from using Dollars to bribe delegates during political party conventions.

Ok

Good

Especially dollars…

Mugu44:
That's how Tinubu & Cardoso said EFEMS was bringing down the dollar to N50.

What happened?
Has it malfunctioned or is Tinubu waiting for Emeka Singapore & Dozie Hong Kong to reduce it further?


Trial and error government of clueless thieves

the situation in the country is enough to make someone commit suicide self let alone frustration.sorry ehn.

Shh

Good one!

People like Godswill akpabio go gree?....

That man eh!!....together with Wike!...

Senate is about banning themselves.

Wisdomkosi:
Source : https://politicsnigeria.com/senate-moves-to-ban-foreign-currencies-in-nigeria-insist-on-naira-only-transactions/

People who knows the truth but it's hard for them to practice it ... I don't know why

Politicians no go agree but it is a welcome development

Thought it is already illegal to use foreign currencies as legal tender in the country?

Nigerian politicians don't spend naira in Nigeria - including Ned. Who are they deceiving?

Ndi ara


Who the hold foreign currencies in Nigeria if not them.

local farmers in the east or southern part of Nigeria da hold dollars?


Mumu senate

Sense don dey enter senators small small

They should ban crypto too.....noobies.

I support this bill. Just that it won't deter people from having foreign currency accounts.

Will Americans have accounts in British Pound Sterling, vice versa? I think we need policies to Checkmate the razz of fx.

This as always been my take.

I am proposing the following solutions to mitigate or solve the free fall of naira against foreign currency.

After careful consideration, here is what i propose:
1. The Federal Government (FG) should place a ban and make illegal the presence or utilization of physical dollars(foreign currency) in Nigeria. Any international remittance received should be promptly converted to the local currency (Naira) upon receipt by the recipient or deposited into their domiciliary account.
2. Upon entry into Nigeria, all foreign currencies must be converted to Naira or deposited into the owner's domiciliary account.
It would be deemed illegal to enter Nigeria with any other currency aside the naira.
3. All transactions involving the purchase of foreign exchange for international transactions should be conducted electronically. This electronic system would enable efficient tracking and monitoring of foreign exchange transactions.
4. Individuals with physical dollar(foreign currency) will be given a specified timeframe to convert them to Naira or deposit them into their domiciliary account. Owning physical dollars will be illegal after the stipulated period.
5. Funds held in domiciliary accounts cannot be transferred to another domiciliary account but can be used for international transactions or converted to Naira. The sources of foreign exchange will be documented electronically through banks or fintech platforms, ensuring transparency and accountability in the process.

This, i believe will greatly stabilizer the fall of naira and every regain its strength.

Where their sense day before


😏😏

Na who get savings e concern..

sofeo:
They should ban crypto too.....noobies.

It wouldn't change a thing.

Hope they will probe themselves for spending dollars in their constituencies.

Wisdomkosi:
Source : https://politicsnigeria.com/senate-moves-to-ban-foreign-currencies-in-nigeria-insist-on-naira-only-transactions/

So Ned doesn't spend his dollars in Nigeria. Good to know.

Nigerian politicians are among the greatest offenders in this regard therefore I don't see how this will work

Na dem dey even use am pass....rubbish

What will they now use to bribe delegates in party primaries?

I think this is a good bill.

Same currencies politicians would use during their primaries and conventions.