• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, June 2, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Bill To Prohibit Foreign Currency Use Scales First Reading

by Sunday Isuwa
6 months ago
in News
Bill To Prohibit Foreign Currency Use Scales First Reading
Share on WhatsAppShare on FacebookShare on XTelegram

The Nigerian Senate has taken significant steps towards reinstating its monetary sovereignty by introducing legislation banning foreign currencies for transactions and payments within its borders.

Advertisement

The proposed bill seeks to ensure that all financial dealings, including salaries and general transactions, are carried out exclusively in Naira.

This initiative aims to eliminate discriminatory practices and bolster confidence in Nigeria’s local currency, making it mandatory for exports to be settled in Naira.

Titled “A Bill for an Act to Amend the Central Bank of Nigeria Act, 2007, No 7, to Prohibit the Use of Foreign Currencies for Remuneration and Other Related Matters,” the legislation is championed by Senator Ned Munir Nwoko, who chairs the Senate Committee on Reparations and Repatriation.

Senator Nwoko highlighted that the prevalent use of foreign currencies within Nigeria’s financial landscape undermines the Naira’s value and exacerbates economic difficulties. He described the reliance on currencies like the Dollar and Pound Sterling for local transactions as a remnant of colonialism that impedes Nigeria’s financial autonomy.

RELATED

1,385 Children Recruited By Boko Haram From 2017 To 2019 — UNODC

1,385 Children Recruited By Boko Haram From 2017 To 2019 — UNODC

4 seconds ago
Death Toll Rises To 7 In Bauchi Zakat Collection Stampede

37-yr-old Man Arrested For Raping Own Stepdaughter In Bauchi

3 minutes ago

Key provisions of the bill include banning salaries and transactions in foreign currencies to ensure all workers, including expatriates, are compensated in Naira.

Mandating that crude oil and other exports be sold solely in Naira would encourage international buyers to acquire the currency, enhancing its demand and value. Establishing the Naira as the central currency for all financial activities solidified its economic prominence. The aim is to eliminate informal currency markets undermining the formal economy and encourage unethical practices like bank round-tripping. Directing banks to offer loans at lower interest rates to stimulate industrial growth and economic advancement.

Others advocate retaining Nigeria’s foreign reserves domestically to protect the nation’s economic integrity and minimise exposure to external risks. They also advocate reclaiming monetary independence by prioritising the Naira in domestic and international dealings.

“Promoting the value of the Naira through increased demand driven by its exclusive use for exports. Ensuring fairness in salary payments by standardising remuneration in Naira for local and foreign workers. Supporting the manufacturing sector with accessible credit options to boost local production, lessen reliance on imports, and foster national pride and economic self-sufficiency by reducing dependence on foreign currencies and building a diversified and resilient economy through coordinated monetary and fiscal policies,” he said.

Senator Nwoko clarified that converting domiciliary account balances to Naira would be voluntary for account holders. As the Naira gains strength, the necessity for holding foreign currencies would decrease, facilitating a smoother transition.

He also reassured Nigerians that banking reforms would improve access to foreign exchange for travel and legitimate needs, addressing concerns about the Basic Travel Allowance (BTA) and other forex requirements.

Drawing a comparison with Morocco, Senator Nwoko noted that the Moroccan Dirham has maintained consistent value against major currencies for over 35 years due to the country’s policy of utilising its local currency for domestic transactions.

With Nigeria’s abundant natural resources and vibrant population, the country is well-positioned to exceed Morocco’s achievements, provided there is a shift in how Nigerians view and use the Naira.

The bill envisions a future where Nigerian banks expand their international presence, offering innovative financial solutions such as cashless wallets to simplify global transactions. These initiatives aim to resolve existing issues, such as the limitations of Nigerian debit cards for international online transactions, while gradually making domiciliary accounts less essential.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

Breaking NEWS: Nigerians can now earn in US Dollars, acquire ultra premium domains for low and sell for super profit. Our client acquired a domain for $3715 and got it sold for $42,000. Click here to see how you too can profit from the business.


Tags: Foreign Currency
SendShareTweetShare
Previous Post

Yiaga Africa To NASS: Give Prisoners, Security Personnel, Journalists Voting Rights

Next Post

As Nigerians Shine At CAF Awards

Sunday Isuwa

Sunday Isuwa

Sunday Isuwa is an award winning journalist with over 15 years of experience. Currently at LEADERSHIP Media Group, he has published thousands of articles that have helped in shaping Democracy, Good Governance in Nigeria, Africa and the world at large. His Twitter handle is @IsuwaSunday 

You May Like

1,385 Children Recruited By Boko Haram From 2017 To 2019 — UNODC
News

1,385 Children Recruited By Boko Haram From 2017 To 2019 — UNODC

2025/06/02
Death Toll Rises To 7 In Bauchi Zakat Collection Stampede
News

37-yr-old Man Arrested For Raping Own Stepdaughter In Bauchi

2025/06/02
Suspected Cultists Kill Taxi Driver In Rivers
News

Suspected Cultists Kill Taxi Driver In Rivers

2025/06/02
Akpabio Apologises To Natasha Over ‘Night Club’ Comment
News

Akpabio Planned My Suspension For Refusing Corruption Demands – Natasha

2025/06/02
Eid-el-Kabir: Tinubu Donates Rice, Cows To Abuja National Mosque
News

Eid-el-Kabir: Tinubu Donates Rice, Cows To Abuja National Mosque

2025/06/02
Chinedumuije Urges Tinubu To Stop Foreign Loans For Infrastructural Projects
Business

Tech Expert Urges Business Owners To Use Data For Experiential Engagement

2025/06/02
Leadership Conference advertisement

LATEST

1,385 Children Recruited By Boko Haram From 2017 To 2019 — UNODC

37-yr-old Man Arrested For Raping Own Stepdaughter In Bauchi

Suspected Cultists Kill Taxi Driver In Rivers

Akpabio Planned My Suspension For Refusing Corruption Demands – Natasha

Eid-el-Kabir: Tinubu Donates Rice, Cows To Abuja National Mosque

Tech Expert Urges Business Owners To Use Data For Experiential Engagement

Police Recover 15 Stolen Vehicles In Enugu

JUST-IN: Again, 48 Farmers Killed In 2 Benue Communities

Poly Students To Hold 1 million-man March In Honour Of Tinubu

CSOs Score Tinubu High On SDGs, Youth Development

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.