Nigeria Senate pushes bill to ban foreign currency usage

DAILY POST

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.

DAILY POST reports that 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…