Nigeria’s Senate has initiated a move to restore the country’s monetary sovereignty by banning the use of foreign currencies for domestic payments and transactions. This proposed bill aims to amend the Central Bank of Nigeria Act, 2007, and is sponsored by Senator Ned Nwoko.
The bill seeks to prohibit salaries, transactions, and payments in foreign currencies, ensuring all workers, including expatriates, are paid in naira. This move is expected to eliminate discriminatory practices, bolster confidence in the local currency, and promote economic growth.
Key policies proposed in the bill include:
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Ban on Foreign Currency Payments: Prohibits salaries, transactions, and payments in foreign currencies.
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Mandatory Naira Payments for Exports: Requires crude oil and other exports to be sold exclusively in naira.
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Financial System Transition to Naira: Positions the naira as the central currency for all financial operations.
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Elimination of the Parallel Market: Seeks to abolish the informal currency market.
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Support for Local Manufacturers: Directs banks to provide loans at affordable interest rates.
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Reform of Foreign Reserve Practices: Advocates storing Nigeria’s foreign reserves domestically.
According to Senator Nwoko, this bill represents a visionary blueprint for Nigeria’s economic independence, challenging colonial-era practices and fostering industrial growth. If passed, it could herald a transformative era for Nigeria, marked by innovation, cultural pride, and sustainable growth anchored in the strength of its own currency.
