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Bill to ban foreign currency for transactions scales first reading
A bill seeking to ban the use of foreign currencies for payments and transactions in Nigeria has passed its first reading in the Senate.
The proposed legislation aims to restore confidence in the Naira, eliminate discriminatory payment practices, and bolster the country’s monetary sovereignty.
The bill, 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 for Other Related Matters,” is sponsored by Senator Ned Munir Nwoko, Chairman of the Senate Committee on Reparations and Repatriation.
Senator Nwoko criticized the widespread use of foreign currencies in Nigeria, describing it as a colonial relic that undermines the value of the Naira and perpetuates economic challenges.
“The use of the Dollar, Pound Sterling, and other foreign currencies for domestic transactions is a colonial relic that continues to hinder Nigeria’s economic independence,” he said.
The bill proposes that all salaries, including those of expatriates, be paid in Naira. It also seeks to make the Naira mandatory for export transactions, requiring international buyers to purchase the currency, which would drive up its demand and value.
Additionally, the legislation aims to address unethical practices in the informal currency market, strengthen industrial growth through affordable loans, and safeguard Nigeria’s economic sovereignty by storing foreign reserves domestically.
Clarifying concerns over domiciliary accounts, Senator Nwoko explained that transitioning their balances to Naira would be voluntary. “As the Naira strengthens, the need to hold foreign currencies would diminish, making the transition seamless,” he said.
He also assured Nigerians that access to foreign exchange for legitimate purposes, such as travel and medical needs, would be streamlined through banking reforms, alleviating concerns over access to Basic Travel Allowance (BTA) and other forex requirements.
Citing Morocco as an example, Nwoko noted the stability of the Moroccan Dirham, which has maintained consistent value against major currencies for over 35 years.
“With Nigeria’s vast resources and vibrant population, we have the potential to surpass Morocco’s achievements, but only if we embrace a paradigm shift in how we use and perceive the Naira,” he added.
The bill also envisions a future where Nigerian banks expand globally, offering innovative financial tools to simplify international transactions.
It seeks to address existing challenges, such as the inability of Nigerian debit cards to facilitate online payments, while reducing reliance on domiciliary accounts.
If enacted, the bill could mark the beginning of a transformative era for Nigeria, fostering economic growth, cultural pride, and sustainable development anchored in the strength of the Naira.
By Francesca Hangeior
President Bola Tinubu has stated that the Federal Government is taking concrete steps to protect the dignity and future of every Nigerian child, even as he said plans have been concluded to establish a Child Protection and Development Agency to coordinate all issues affecting Nigerian children in a unified and focused manner.
Tinubu spoke on Thursday during the first regional meeting of the Africa Pathfinder Countries of the Global Alliance on Ending Violence Against Children.
The event was held at the Presidential Villa in Abuja. The president was represented by Vice President Kashim Shettima.
Tinubu said his administration is taking concrete steps to protect the dignity and future of every Nigerian child.
“Our legal frameworks reflect our conviction. From the Child Rights Act to the Violence Against Persons (Prohibition) Act, Nigeria has laid down the statutory foundation for the protection of children.
“But legislation alone does not shield the vulnerable — it is the will behind those laws, and the systems that enforce them, that make the difference.
“That is why our national strategy also embraces prevention and early intervention.
“We are strengthening families and communities through programmes that promote positive parenting, challenge harmful social norms, and provide targeted support to vulnerable households. But we must be honest with ourselves. We cannot protect the child by merely reciting the anthems of their struggles or romanticising their vulnerability, Tinubu said.
He stated that the real hope lies in action — concrete, deliberate action.
“Our commitment must run deep, reaching into the very architecture of our education and health systems. This is the soul of our human capital development strategy,” he said.
Tinubu added that every Nigerian child should grow and learn in a safe environment.
“We aim to ensure that every Nigerian child has the opportunity to grow, learn, and thrive in a safe and nurturing environment. This is not simply a policy objective; it is a moral obligation.
“We are investing in safe schools and embedding socio-emotional learning into our national curriculum.
“We are rolling out the National Guidelines on Alternative Care to ensure that even children without parental care are raised in love, safety, and stability,” he said.
The Joint Admissions and Matriculation Board, JAMB, on Friday announced the release of the 2025 Unified Tertiary Matriculation Examination, UTME, results.
The board disclosed that it is withholding the results of 39,834 candidates over issues relating to examination irregularities.
Recall that over 1.9 million applicants participated in the just-concluded exercise.
JAMB also disclosed that 80 suspects across the country are currently under interrogation for examination fraud, with Anambra State leading the pack with 14 suspects.
JAMB Registrar, Prof. Ishaq Oloyede, stated this on Friday while officially releasing the 2025 UTME.
He also disclosed that while 467 underage candidates met the prescribed minimum score, 50 were engaged in cheating scandal.
A press conference to this effect is ongoing.
Details coming…
The Oloba of Oba-Ile in Akure North Council Area of Ondo State, Oba Joseph Oluwadare Agunbiade, Otutubiosun 1
has joined his ancestors.
Oba Agunbiade who passed on Friday morning reigned for 39 years .
He was aged 84 years.
Sources told newsmen that traditional announcement of the monarch’s demise is however being awaited.
Details shortly…
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