The House of Representatives has advanced a new bill aimed at stopping dollarisation and curtailing the use of foreign exchange in Nigeria’s domestic economy. The proposed legislation was outlined in Abuja on Thursday by members of the financial affairs committee.
Under the bill, the use of foreign currency for internal transactions would be outlawed except in authorised situations, and a uniform exchange-rate framework would be established to stabilise the naira.
Sponsors of the measure said the move is intended to strengthen the value of the naira, boost domestic economic activity, and reduce pressure on foreign exchange reserves. Lawmakers listed rising reliance on foreign currencies as a key risk to Nigeria’s financial stability.
Also Read: National Assembly Proposes November 2026 for Presidential, Governorship Polls
The bill still has to pass through additional legislative stages, and a timetable for committee reviews and reading sessions has yet to be announced by the House leadership.
Leave feedback about this
You must be logged in to post a comment.