The Senate on Tuesday introduced a bill mandating the use of the naira for all financial transactions within Nigeria, including salaries and exports, to strengthen the currency and promote economic independence.
Sponsored by Senator Ned Nwoko, Chairman of the Senate Committee on Reparations and Repatriation, the bill seeks to amend the Central Bank of Nigeria Act, 2007.
Nwoko described the reliance on foreign currencies like the dollar and pound for domestic transactions as a colonial holdover that undermines the naira and exacerbates economic challenges.
He argued that conducting all payments, including expatriates’ salaries and export sales, in naira would increase its demand and enhance its value.
The legislation also aims to curtail informal currency markets, discourage unethical banking practices like round-tripping, and reinforce the naira as Nigeria’s primary currency.
