APC, LP support ban on foreign currencies for local transactions
APC, LP support ban on foreign currencies for local transactions
By Fly Cable News
The All Progressives Congress and Labour Party have backed the ongoing move by lawmakers to ban the use of foreign currencies for local transactions in the country.
The proposed legislation, which was 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’ had scaled the first reading at the Senate two weeks ago.
The bill, aimed at ensuring all payments, including salaries and transactions, are done in naira, seeks to eliminate discriminatory practices and strengthen confidence in the local currency.
It was sponsored by Senator Ned Nwoko, who is the Chairman of the Senate Committee on Reparations and Repatriation.
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