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Bill Seeking Ban Of Dollars, Foreign Currencies In Nigeria Scales First Reading At Senate
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.
A new video has emerged showing two men reportedly kidnapped by Boko Haram insurgents in Borno State, pleading for assistance to secure their release.
One of the captives, former Biu Local Government Area Chairman Hassan Biu Miringa, revealed that their abductors are demanding a $300,000 ransom.
Miringa said he and another individual were taken in December 2025 and have remained in the custody of the militants.
In the video shared by Zagazola Makama, Miringa introduced himself, saying: “I am Hassan Biu Miringa, former Chairman of Biu Local Government from 2020 to 2022. Four years after my tenure, we were kidnapped by the soldiers of Khilafa about two weeks ago. Alhamdulillah, we are still alive, but we urgently need help to save our lives.”
He added that negotiations with the kidnappers had been underway, with some preliminary agreements reportedly reached.
“We have engaged them on four separate occasions and reached an understanding. We appeal to our leaders, especially Borno State Deputy Governor Alhaji Usman Umar Kadafur, the National Assembly representative for Biu, Kwaya, and Shani Hon. Betera Aliyu, as well as our community leaders, to temper justice with mercy and assist us. We are their children and have been working together,” Miringa said.
He confirmed the ransom demand, explaining that each captive is expected to pay $150,000, totaling $300,000 for their freedom, and pleaded for urgent intervention to reunite with their families.
The video highlights ongoing concerns over kidnappings and insecurity in southern Borno State, which have persisted despite government efforts to curb insurgent activity in the region.
The Minister of the Federal Capital Territory, FCT, Nyesom Wike, on Saturday visited Port Harcourt City Local Government as part of his “thank you” visit across Rivers State.
Upon his arrival, a group of women displayed a symbolic gesture of loyalty by spreading their wrappers on the ground for his motorcade.
The women and supporters of the Minister were in a jubilant mode as Wike drove on the wrappers.
Wike has been going around local governments in the state to appreciate them for their support while reeling out moves ahead of the 2027 general elections.
In the course of his visits, the Minister had fired several salvos at political actors in the state, warning that their sudden support for President Bola Tinubu won’t secure them any ticket in 2027.
Wike also renewed rivalry with Governor Sim Fubara over the leadership control of the political space in the state.
The Rivers State House of Assembly has officially reaffirmed that the impeachment proceedings against Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu, are ongoing and have not been suspended.
The Assembly said the process is still ongoing and is being conducted strictly in line with constitutional provisions.
This was contained in a statement issued on Friday by the Chairman of the House Committee on Information, Petitions and Complaints, Hon. Enemi George.
According to the statement, the impeachment process, which began on Thursday, January 8, 2026, remains on course in line with the 1999 Constitution of the Federal Republic of Nigeria (as amended).
The lawmakers disclosed that separate notices of allegations bordering on gross misconduct have been served on both the governor and his deputy in line with Section 188 of the Constitution.
“The notices of allegations of gross misconduct against the Governor and the Deputy Governor have been duly forwarded to them by the Speaker of the House, Rt. Hon. Martins Amaewhule, and the House is awaiting their responses,” the statement said.
The Assembly maintained that it is constitutionally obligated to act in the interest of the rule of law and ensure that no public office holder acts outside legal boundaries.
Reacting to reports suggesting that the impeachment move had been halted, the House accused some individuals and media outlets of deliberately spreading misinformation to mislead the public and stir tension between the legislature and Rivers residents.
The lawmakers described such reports as false and insisted they would not succumb to intimidation, threats, or blackmail.
“We are aware of renewed attempts by certain persons and media platforms to misinform the public by claiming that the impeachment process has been discontinued. The public should disregard such falsehoods, as the process remains active,” the statement added.
The Assembly reaffirmed its commitment to democratic principles and constitutional responsibilities, stressing that it would not be distracted by what it termed “cheap propaganda.”
It also appreciated the people of Rivers State for their support and prayers amid the ongoing political developments and extended goodwill to Nigerians committed to the nation’s democratic journey.
JomogNews reports that during Thursday’s plenary session, presided over by the Speaker, the Majority Leader, Major Jack, formally read the notice of allegations of gross misconduct against Governor Fubara on the floor of the House.
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