The ruling All Progressives Congress (APC) and the Labour Party (LP) have commended lawmakers at the National Assembly for their consideration of a bill sponsored by Senator Ned Nwoko, which seeks to ban the use of foreign currencies, especially dollars, for local transactions in the country.
Speaking during an interview monitored by Investors King on Saturday, December 28, the National Publicity Secretary of the LP, Obiora Ifoh, lauded the lawmakers’ swift consideration of the bill, stressing that it has great potential to strengthen the country’s currency, the naira.
Ifoh lamented the continued use of dollars by some Nigerians, highlighting the damaging effects of this practice on the naira and the country’s economy.
He criticized companies paying workers’ salaries in dollars and called for the complete elimination of the use of dollars and other foreign currencies to save the country’s economy.
He said: “I see no reason for some companies to be paying salaries in dollars. After all, even our budget is done in naira. Nigerians need to realize how worthless our currency has become. This shows that Nigeria is not doing very well.”
Referencing countries like China, where businesses and other commercial activities are conducted in their local currency, he added: “I think the use of dollars and foreign currencies should be scrapped completely. A few months ago, I was in China and discovered that every business transaction was done in their yuan. They don’t even use dollars. The naira is the pride of this nation, and this government should continue working towards ensuring it is used in our economy.”
Ifoh further explained: “Imagine carrying $10,000 in your pocket—it means you are moving around with almost ₦20 million. This is exactly what many at the top do in this country. They prefer to carry such amounts in dollars. These practices continue to weaken our economy,” he added.
Speaking on the bill’s potential benefits, Ifoh stated: “I know you can’t completely stop the use of dollars, but if it becomes law and you are caught hoarding foreign currency, there will be penalties. You will forfeit the money and face jail time as well. This will go a long way in building confidence in our naira and helping it regain strength.”
The National Publicity Director of the APC, Bala Ibrahim, also described the bill as a welcome development.
According to Ibrahim, the ruling party fully supports the bill, emphasizing: “This is a welcome development. It diminishes the value of our currency when we pay others or conduct official transactions in foreign currency. It reduces our currency to a second-class status. I support the bill and believe it should be implemented to the letter.”
Highlighting the potential benefits of the bill, the APC chieftain added: “Of course, this does not mean people won’t carry dollars in their pockets. However, there will be mechanisms to strengthen the value of our own currency. Once the naira gains prestige and position in the market, there will be no need to question foreign currency usage.”
It should be recalled that Senator Nwoko’s 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, passed its first reading in the Senate two weeks ago.
During his presentation of the bill, Nwoko called for all payments, including salaries and local commercial transactions, to be made in naira, emphasizing that this move would strengthen confidence in the local currency.
