The Nigerian Senate has begun discussions on a new bill aimed at banning the use of foreign currencies, such as the US dollar, for transactions within the country. The bill successfully passed its first reading on Tuesday.
The proposed legislation, championed by Senator Ned Nwoko, seeks to strengthen the naira by prohibiting payments, including salaries and other remunerations, from being made in foreign currencies. Senator Nwoko, who chairs the Senate Committee on Reparations and Repatriation, argued that the growing reliance on dollars and other foreign currencies is weakening Nigeria’s economy.
Speaking on the bill, Senator Nwoko described the practice as a “colonial relic” that continues to hold Nigeria back. According to him, conducting business and paying salaries in dollars undermines the naira’s value and threatens Nigeria’s economic stability.
He stressed that if the bill becomes law, all financial transactions in Nigeria would have to be carried out strictly in the local currency—naira.
The move comes at a time when Nigeria is grappling with a persistent forex crisis and a weakening naira, pushing policymakers to explore ways to stabilize the economy.
As the debate progresses, NIGPOST will bring you updates on how this bill could impact businesses, salaries, and everyday transactions across the country.
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