The Nigerian Senate has taken a bold step towards economic reform with the introduction of a bill aimed at outlawing the use of foreign currencies for transactions and payments within the country.
The bill, which passed its first reading on Monday, seeks to amend the Central Bank of Nigeria Act of 2007, with provisions that will prohibit the use of foreign currencies like the US Dollar, Pound Sterling, and Euro in domestic dealings.
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 spearheaded by Senator Ned Munir Nwoko, Chairman of the Senate Committee on Reparations and Repatriation.
Nwoko, in his presentation, argued that the dominance of foreign currencies in Nigeria has worsened the country’s economic challenges and undermined the value of the Naira.
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“This is a colonial relic that has continued to hold Nigeria back from achieving true economic independence,” Nwoko stated.
The proposed legislation mandates that all payments, including salaries, wages, and other forms of remuneration, be made exclusively in Naira, regardless of the nationality of the workers.
This will include expatriates, who currently receive salaries in foreign currencies. According to Nwoko, the bill aims to eliminate discriminatory practices within the workforce and reduce the economic disparities caused by foreign currency transactions.
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Nwoko emphasized that the widespread use of the Dollar and other foreign currencies has weakened confidence in the Naira and contributed to the inflationary pressures that have plagued the Nigerian economy.
He also highlighted the importance of making all export payments in Naira, arguing that this will compel international buyers to acquire and use the Naira, thus boosting demand and strengthening its value.
“We cannot continue to allow foreign currencies to dominate our economy,” Nwoko remarked.
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