Nigeria Moves to Ban Dollar and Foreign Currencies Transactions

BILL TO BAN USE OF DOLLARS, FOREIGN CURRENCIES IN NIGERIA PASSES FIRST READING.

A bill seeking to prohibit the use of foreign currencies in Nigeria has passed its first reading at the Senate.

The proposed legislation, titled “A Bill for an Act to Alter the Central Bank of Nigeria Act, 2007, No. 7, to Prohibit the Use of Foreign Currencies for Remuneration and Other Related Matters,” aims to prioritise the use of Nigeria’s local currency, the naira.