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House Of Representatives To Ban The Use Of Foreign Currencies For Local Businesses

February 16, 2013

Members of the House of Representatives have moved toban the use of foreign currencies in local and domestic transactions in Nigeria. This was sequel to amotion brought to the floor of the House by Hon Nadu Karibe, representing Bayelsastate.
According to Karibe “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 without equivocation, the Naira and the only means of exchange for local and domestic transactions in Nigeria.
“There is a growing trend inthe use of foreign currenciesespecially the US Dollar for payments of school fees, hotel bills, real estate, rentand purchase in bars, night clubs, luxury good shops, inNigeria… this trend has led tothe high demand of these foreign currencies especiallythe US Dollars in Nigeria.”
When the Speaker put the motion to a voice vote it wasunanimously adopted. As 4me it seems to be a good plan 2 stabilize d economy but a ban might be 2 drastic wat do u tink?


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