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Bill Seeking Ban Of Dollars, Foreign Currencies In Nigeria Scales First Reading At Senate

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A bill seeking to prohibit the use of foreign currencies for transactions in Nigeria has scaled first reading.

The bill was Senate initiated to restore Nigeria’s monetary sovereignty by outlawing the use of foreign currencies for payments and transactions within the country.

The proposed legislation, aimed at ensuring all payments—including salaries and transactions—are conducted in Naira, seeks to eliminate discriminatory practices and strengthen confidence in the local currency. This includes making it mandatory for exports to be paid for in Naira.

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.

According to Senator Nwoko, the widespread use of foreign currencies in Nigeria’s financial system undermines the value of the Naira, perpetuating economic challenges. He described the use of the Dollar, Pound Sterling, and other foreign currencies for domestic transactions as a colonial relic that continues to hinder Nigeria’s economic independence.

Highlights of the bill include:

Prohibits salaries, transactions, and payments in foreign currencies, ensuring all workers, including expatriates, are paid in Naira.

Requires crude oil and other exports to be sold exclusively in Naira, compelling international buyers to purchase the currency and driving its demand and value.

Positions the Naira as the central currency for all financial operations, reinforcing its dominance in the economy.

Seeks to abolish informal currency markets that undermine the formal economy and encourage unethical practices such as round-tripping by banks.

Directs banks to provide loans at affordable interest rates to stimulate industrialization and economic growth.

Advocates for storing Nigeria’s foreign reserves domestically to safeguard the country’s economic sovereignty and reduce exposure to external vulnerabilities.

Reclaim monetary independence by prioritizing the Naira for both domestic and international transactions.

Increase the currency’s value through higher demand driven by its exclusive use for exports.

Foster fairness in salary payments by standardizing remuneration in Naira for both local and expatriate workers.

Support the manufacturing sector with accessible credit facilities to encourage local production and reduce dependency on imports.

Foster national pride and economic self-reliance by reducing reliance on foreign currencies.

Build a diversified and resilient economy through coordinated monetary and fiscal policies.

Senator Nwoko clarified that transitioning domiciliary account balances to Naira would be a voluntary process for account holders. As the Naira strengthens, the need to hold foreign currencies would diminish, making the transition seamless.

He also assured Nigerians that access to foreign exchange for travel and other legitimate purposes would be streamlined through banking reforms, alleviating concerns about access to Basic Travel Allowance (BTA) and other forex needs.

Drawing parallels with Morocco, Senator Nwoko noted the stability of the Moroccan Dirham, which has maintained consistent value against major currencies for over 35 years. He attributed this to Morocco’s policy of exclusively using its local currency for domestic transactions.

With its vast natural resources and a dynamic population, Nigeria is well-positioned to surpass Morocco’s achievements, provided there is a paradigm shift in how Nigerians perceive and use the Naira.

The bill envisions a future where Nigerian banks expand internationally, offering innovative financial tools like cashless wallets to simplify global transactions. These measures aim to address existing challenges, such as the inability of Nigerian debit cards to facilitate international online transactions, while making domiciliary accounts increasingly unnecessary.

If passed, this legislation could mark the beginning of a transformative era, driving economic growth, cultural pride, and sustainable development anchored in the strength of Nigeria’s currency—the Naira.

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Couple Kidnapped, One Shot In Ondo Estate Attack

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Gunmen suspected to be kidnappers have abducted a couple from their residence in the Iluabo area of Akure North Local Government, Ondo State.

During the attack, which occurred in the early hours of Saturday, February 21, 2026, the assailants shot one person before seizing the victims.

The gunmen had stormed Olaribigba Estate in the community when they whisked Mr Jamiu Olawale and his wife into the bush.

Following the development, which has created tension in the agrarian community, residents protested and barricaded the road leading to the community over the incessant kidnappings and insecurity in the community.

According to sources, the couple had arrived at their residence in an ash-coloured Toyota Camry when they were attacked by the gunmen, who lay in ambush for them.

During the incident, a neighbour of the abducted couple, Patrick Ilumaro, who was seated in front of his residence, was shot by the gunmen while fleeing from the community.

A neighbour of the victims revealed that Ilumaro was swiftly rushed to an undisclosed medical facility where he is currently receiving medical treatment.

While confirming the incident, the Ondo State Police Command disclosed that tactical teams as well as conventional operatives have been deployed to the community.

In a statement issued by the Police Public Relations Officer, Abayomi Jimoh, the operatives are already combing the axis in an effort to rescue the victims and apprehend the perpetrators.

“Concerted efforts are ongoing to ensure the safe return of the abducted persons and bring those responsible to justice.

“Members of the public are urged to remain calm and go about their lawful activities. Meanwhile, the Command urges them to provide credible and actionable information that may assist in the investigation to the nearest police station.”

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Brake Failure Leaves One Dead, Four Rescued At Abule-Egba

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One person died and four others were rescued following a road accident at Ekoro Junction, Abule-Egba, on Friday evening, according to a statement from the Lagos State Traffic Management Authority.

The Director, Public Affairs and Enlightenment Department of LASTMA, Adebayo Taofiq, made this known in a statement issued on the agency’s X handle on Saturday.

According to the agency, the crash occurred at about 7:30 p.m. when an empty MACK tanker suffered a sudden brake failure, lost control and rammed into a Toyota Corolla before crashing into a roadside shop.

LASTMA said the tanker, with registration number EKY 900 XY, collided with a Toyota Corolla marked AAA 823 AY.

The impact caused extensive structural damage to the shop and triggered panic among traders and pedestrians in the area.

“The magnitude of the collision led to the immediate confirmation of one fatality at the scene, while four other trapped persons were extricated from the wreckage through coordinated emergency rescue efforts,” the agency stated.

The authority said it immediately activated its Rescue and Recovery Protocol, deploying specialised operatives to manage the situation.

“Personnel implemented strategic traffic diversion, vehicular evacuation procedures and crowd management in synergy with other emergency responders to forestall secondary incidents and guarantee unobstructed access for rescue operations,” LASTMA added.

It stated that emergency teams carried out rescue operations and provided medical attention to the injured victims.

According to the agency, a heavy-duty tow truck was later deployed to evacuate the damaged tanker and clear debris from the road to restore normal traffic flow.

The agency disclosed that the tanker driver fled the scene shortly after the crash and security operatives have since launched efforts to apprehend the driver and initiate legal proceedings.

“Security personnel from the Nigeria Police Force, Ekoro Division, responded expeditiously, maintaining public order, securing the accident perimeter and assisting in investigative processes aimed at establishing the precise sequence of events that culminated in the mechanical failure and subsequent collision.

“The incident precipitated considerable traffic congestion extending across adjoining routes toward Abule-Egba, necessitating robust traffic management interventions by LASTMA officials who remained on ground directing vehicular movement and implementing diversion strategies to alleviate the backlog,” it said.

According to the agency, its General Manager, Olalekan Bakare-Oki, expressed condolences to the family of the deceased and urged transport operators, particularly drivers of articulated vehicles, to prioritise routine vehicle maintenance.

“Preventable mechanical deficiencies remain a significant contributory factor in severe road traffic crashes,” Bakare-Oki said.

He also advised motorists to exercise vigilance, obey traffic regulations and maintain responsible driving practices, especially within densely populated commercial corridors.

Bakare-Oki assured the public that security agencies would conduct a thorough investigation to determine the immediate and remote causes of the incident and ensure that anyone found culpable would be prosecuted in accordance with extant laws.

The agency said other emergency responders at the scene included the Lagos State Emergency Management Agency, the Lagos State Fire and Rescue Service, the Lagos State Ambulance Service, the State Environmental Health Monitoring Unit and officers of the Nigeria Police Force, collaborated to coordinate rescue, medical response and environmental safety measures.

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Court Sets Feb 25 For El-Rufai’s Arraignment In DSS Cybercrime Case

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The Department of State Services (DSS) will arraign former Governnor of Kaduna state, Nasir El-Rufai, on February 25 over alleged cybercrime and breach of national security.

Justice Joyce Abdulmalik of the Federal High Court has fixed the date for the arraignment of the former Governor on a three-count criminal charge filed by the Department of State Services (DSS) after the Chief Judge, Justice John Tsoho assigned the case to her.

NAN earlier reported that the DSS, on Monday, filed a three-count criminal charge against El-Rufai following his alleged involvement in wiretapping the telephone lines of the National Security Adviser (NSA), Mallam Nuhu Ribadu.

The charge, instituted by the Nigerian secret police, is marked FHC/ABJ/CR/99/2026.

The service accused El-Rufai of breaching the Cybercrimes Prohibition Act (2024) and the Nigerian Communications Act (2003.)

In court, El-Rufai was alleged to have, on Feb. 13, while appearing as a guest on Arise TV station’s Prime Time Programme in Abuja, admitted during the interview that he and his cohorts unlawfully intercepted the phone communications of the NSA, Mr Ribadu.

The offence is said to be contrary to and punishable under Section 12(1) of the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024.

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