The bill was sponsored by the Chairman of the Senate Committee on Reparations and Repatriation, Senator Ned Nwoko.
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,” the proposed legislation is aimed at ensuring all payments and other transactions are done using the naira.
The sponsor of the bill observed that the widespread use of foreign currencies in the country’s financial system undermines the value of the Naira.
Senator Nwoko described the use of the Dollar and other foreign currencies for transactions in Nigeria as a colonial relic, noting that the situation has continued to hinder Nigeria’s economic independence and progress.
