Nigeria Moves to Strengthen Naira with New Legislation

The Nigerian Senate has taken a bold step toward strengthening the Naira by proposing a bill that prohibits the use of foreign currencies for domestic payments and transactions. The bill, titled "A Bill for an Act to Alter the Central Bank of Nigeria Act," aims to ensure all transactions within the country are conducted in Naira.

This move seeks to eliminate the discriminatory use of currencies like the Dollar and Pound Sterling, which Senator Ned Munir Nwoko, the bill’s sponsor, describes as a colonial relic. Nwoko argues that the widespread use of foreign currencies undermines the Naira’s value and hinders Nigeria’s economic independence. The bill also mandates that exports be paid in Naira, marking a significant shift toward economic self-sufficiency. With its abundant resources and vibrant population, Nigeria is poised for growth, and this legislation could pave the way for a prosperous, Naira-driven future.

Source: Linda Ikeji Blog