The proposed legislation, sponsored by Senator Ned Nwoko, seeks to amend the Central Bank of Nigeria Act, 2007. The bill aims to ensure that all payments, including salaries and transactions, are made using the Nigerian naira.
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According to Senator Nwoko, the widespread use of foreign currencies in the nation’s financial system undermines the value of the naira and perpetuates economic challenges.
Senator Nwoko describes the use of foreign currencies for transactions in Nigeria as a colonial relic.
The bill’s passage is seen as a move to strengthen the Nigerian economy and promote the use of the local currency.