Nigerias Senate Proposes Ban on Foreign Currency Transactions

The Nigerian Senate has proposed a bill to ban the use of foreign currencies for local transactions, in an effort to promote domestic currency usage. The bill aims to ensure that all payments are made using the Naira.

In a significant move, Nigeria's Senate has proposed a bill to ban the use of foreign currencies for local transactions, aiming to ensure that all payments are made using the country's own naira. The legislation was passed for first reading on Tuesday and is intended to promote economic self-sufficiency and reduce reliance on foreign exchange. If approved, the ban would apply to all types of transactions within Nigeria, including cash and digital payments. The move is seen as part of efforts to strengthen the nation's economy and reduce the impact of currency fluctuations on local businesses.