Reps Seek Ban Of Transactions With Dollars

In a bid to check what they say has led to weakening the Nigerian currency, the House of Representatives has urged the Central Bank of Nigeria (CBN) to ban the use of foreign currencies for domestic transactions in Nigeria.



This resolution followed a debate on a motion by Representative Nadu Karibo which was unanimously adopted.

The lawmakers said there was a growing trend in the use of some foreign currencies, like the US dollar for payment of school fees, hotel bills, real estate, rent and purchase in bars in the country.

A trend they claim has led to a high demand of these currencies especially, the dollars and this contributes to the weakening of the Naira against such currencies with its resultant negative effects on the economy.

-- Channels