The House of Representatives, yesterday, moved to ban the use of foreign currencies in local and domestic transactions in Nigeria. This was sequel to a motion brought to the floor of the House by Hon Nadu Karibe, representing Bayelsa State. Karibe who led the debate had 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.”
He also observed that “without equivocation, the Naira is the only means of exchange for local and domestic transactions 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.” He further argued that “this trend has led to the high demand of these foreign currencies, especially the US Dollars in Nigeria.”
