From IHEANACHO NWOSU, Abuja
The House of Representatives yesterday moved against the use of foreign currencies in local and domestic transactions in Nigeria. The move by the lawmakers followed a motion sponsored by Nadu Karibe, representing Bayelsa State. Arguing on why transaction with foreign currencies in Nigeria should stop Karibe while leading the debate said: “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 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.” “This trend, he said, “has led to the high demand of these foreign currencies especially the US dollars in Nigeria.” The Speaker, Aminu Tambuwal urged more members to contribute to the debate.
Sharing his experience in South Africa, Warman Ogoriba said: “I was in South Africa where I wanted to pay my hotel bills in dollars and it was rejected. “Honestly, I was pleasantly surprised because here in Nigerians, we freely use the dollar. “I urge members to support the motion and the Central Bank Nigeria to ban the use of foreign currencies in local transactions.”
Speaking in the same vein, Buba Jibrin representing Kogi State said the motion wa very timely. “In foreign lands we are made to change dollars into local currencies using our passport as any identification mark. “But here in Nigeria even in our shopping malls dollars are freely used that is wrong.”
However, Aminu Sulayman moved against the motion. He said: “I see this motion as a glorified one as only inconsequential number of Nigerians use the dollar in Nigeria. “This matter should be left for the appropriate authority to handle or the motion should be thrown out through the window.” Tambuwal reminded the lawmaker that there was no window in the chamber” While rounding up the debate, Karibe said the motion was not against the sale of foreign currencies but against its usage in local and domestic transactions in Nigeria.
This attracted a loud ovation from members and when the speaker put it to a voice vote, it was unanimously adopted. . In his contribution, Ali Madaki representing Kano said: “If Nigeria is really serious and they want investors we need to use dollars. “If we look at Dubai today, dollars are openly used and just in the 1970s they came here to borrow money from us. “They wanted to borrow $10 million but the then Obasanjo administration was told the place was a desert but look at Dubai today is it not better than Nigeria.
We need investors to grow our economy.” Ogbuefi Ozomgbachi in his contribution said: “There is an existing Act of Parliament that forbids Nigerians from using foreign currency for marketing purposes.”
This kind of debate shows the idleness of the so called house members who get paid for doing nothing.
@concsience, how unpatriotic can you get. So you like the fact that we use the dollar as a parallel currency in some establishments in this country. Where is your pride for your currency. This is a welcome development. I do hope it is signed into law very soon. Kudos to the house members for letting it pass first reading and not throwing it out of a ‘windowless house chamber’.
@say yoy say me. I appeciate your concerns but pardon me for asking you this question, if it is signed into law, who will enforce it? The police???
If they want the naira to have more value and respect, they should at least invest 40% of their loots in Nigeria.
Set a thief to catch a thief !! Have I seen Dollar before? Idleness is the cause of this like you rightly said.
I am yet to see one that will move a motion for creation of jobs in this country.Yet to see one move a motion for provision of potable water in a country where people drink from streams and rivers.Yet to see one move a motion for fixing our refineries.Yet to see one move a motion for death penalty for our corrupt leaders.
I am yet to see one law these lawmakers have made since 1999 that an ordinary man on the street benefited from.The country is just wasting money on them.I am tired of them,military should please come and take over this government.
The use of us$ was first introduced to facilitate the transfer of huge bribe money, otherwise how could Mr Integrity carry the naira equivalent of his loot. The receivers having got surplus of it begin to use it for their daily fiscal transaction, hence it become legal tender in Nigeria. The earlier we do away with it the better, and limit it to international transactions only.
I think the debate is ok from a nationalist point of view
U,the politicians started it all,imagine a politician who stole 50m naire,how would he carry it or launder it, if not to change it to dollar.U are the maker &breaker of laws,the ordinary nigerian will only serve as a guinea pig for its experimentations.
The fear of God is the beginning of wisdom, so said the Bible. Nigeria currency is fast becoming cowries used in the olden days for exchange. Even then, one could buy things from Porte Novo, Gold coast, the modern day Ivory coast and Ghana, with cowries. But the Naira is not even acceptable in Benin Republic, unless you are ready to devalue it 10 times the actual market value. If the Reps want not their respected motion to end up in dust bin, they must put action in motion to stop, first all, government officials travelling Abroad from carrying more than the officially estacode or BTA. Second of all, their Ministers, Governors, Senators and themselves must stop campaigning for the president on the one hand and themselves on the other with dollars. When this is not done, legitimate business men and women will be made scape goats in order to get this motion implemented. And finally the Central Bank of Nigeria should stop honoring demands for foreign currency by the governments, unless it is meant to pay our foreign debts – legitimate imports for manufacturing goods and not luxury good for Mr. president or his wife
It is quite interesting that our lawmakers dont even know that the more foreing currency transactions the weaker and poorer the naira becomes, Were is Aminu Sulayman and Ali Madaki from, sorry I can see the trend. All they think about is the inconviniencies of having naira rather than dolars in their ‘Ghana must go’. How did we get such people into law making house. Kudos to PDP government of the people by the people????? for the loyalists?????