National Assembly set to stop use of foreign currency in Nigeria

A bill seeking to ban the use of foreign currencies for transactions in Nigeria has been presented before the National Assembly.

The bill which has passed through first reading in the Senate, was introduced by the senator representing Delta North Senatorial District in the Nigerian Senate, Senator Ned Munir Nwoko.

National Beam gathered that the bill is aimed at strengthening the Nigerian currency; Naira by making it the sole currency for all payments, including salaries and exports.

Part of the provisions of the bill reads:

“Prohibition on salaries, transactions, and payments in foreign currencies, mandating that all workers, including expatriates, be paid in Naira.

“That Nigerian exports be sold only in Naira, compelling international buyers to purchase the currency”.