Nigerian House Backs Bill to Ban Dollar Use in Local Transactions, Amend CBN Act

The Nigerian House of Representatives has endorsed a bill to prohibit the use of foreign currencies in local transactions and amend the CBN Act. The bill, sponsored by Julius Ihonvbere and others, aims to modernize the financial system, improve transparency, and stabilize the economy amidst exchange rate concerns.

It seeks to separate the roles of the CBN governor and board chairman, introduce a single non-renewable six-year tenure for the governor, and formalize a ban on using foreign currencies locally. The proposed measures intend to boost confidence in the Naira and strengthen financial oversight.