Sunday, April 20, 2014

Reps seek end to use of foreign currencies for domestic transactions

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Photo: vanguardngr.com

The Nigerian lawmakers passed the motion on Thursday. 

The House of Representatives on Thursday urged the Central Bank of Nigeria (CBN) to ban the use of foreign currencies for domestic transactions in Nigeria.

The resolution was sequel to a motion moved by Nadu Karibo (PDP-Bayelsa), which was unanimously adopted.

Leading the debate, Mr. Karibo said that there was a growing trend of using some foreign currencies, like the US dollar for the payment of school fees, hotel bills, real estate, rent and purchase in bars in the country.

He noted that the Naira was Nigeria’s currency and the only means of exchange for domestic transactions recognised by law in Nigeria.

According to him, the trend has led to a high demand of these currencies, especially the US dollars.

He said that this demand was contributing to the weakening of the Naira against such currencies with its resultant negative effects on the economy.

The legislator said that every country has its currency as a means of exchange, a symbol of identity and a sign of fiscal independence.

Samson Osagie (ACN-Edo) in his contribution said government must take responsibility for the abuse of the Naira and must ensure that it was stopped.

Arua Arunsi (PDP-Abia) said it was time the practise was stopped to encourage the local currency.

Aminu Suleiman (PDP-Kano), who spoke against the motion said, “I am not aware of anywhere in the country where foreign currencies were used for domestic transactions.”

Roker Jev (ACN-Benue) said, “Even if the motion is adopted by the House, it will not yield any meaningful result.”

Meanwhile, a motion that sought to ban the sale of alcohol and drug around motor parks in the country was rejected.

The rejection was sequel to a constitutional point of order raised by Samson Osagie (ACN-Edo), which was adopted by the House.

Mr. Osagie said that the Fourth Schedule of the 1999 constitution empowered state houses of assembly to legislate on motor parks.

The fourth schedule reads “(f) construction and maintenance of roads, streets, street lighting, drains and other public highways, parks, gardens, open spaces, or such public facilities as may be prescribed from time to time by the House of Assembly of a State.’’

 

(NAN)

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