Foreign currencies for local transactions - The Nigerian House of Representatives, the lower chamber of the National Assembly, Thursday resolved to ban the use of foreign currencies as a means of exchange in local and domestic transactions in Nigeria.
While the House resolution was not against the sale of foreign currencies within Nigeria, it demanded an immediate policy statement from the Central Bank of Nigeria (CBN) to back its stand against the use of foreign currencies in local and domestic transactions in the country.
This followed the adoption of a motion, introduced by Honourable Nadu Karibe. Karibe had lamented the growing trend in the use of some foreign currencies in the country, blaming the trend for contributing seriously to the weakening of the Naira against such currencies, with its resultant negative effects on the country's economy.
Leading the debate, Karibe argued that 'every country has its currency which serves as a means of exchange, a symbol of identity, a source of pride and a sign of independence and economic stability. '
The Lawmaker also observed that 'without equivocation, the Naira remains the only means of exchange for local and domestic transactions known to law in Nigeria. There is a growing trend in the use of foreign currencies, especially the US Dollar, for payments of school fees, hotel bills, real estate, rent and purchase in bars, night clubs, luxury good shops, in Nigeria.'
After arguments in favour and against the motion were heard, the house unanimously adopted the motion when the House Speaker, Aminu Waziri Tambuwal, put the question.