Reps to Probe Use of Foreign Currencies as Legal Tender

The House of Representatives have sent to the Committee on Banking Regulation to probe the use of the US dollar and other foreign currencies as legal tender for domestic transactions in Nigeria.

The House of Representatives also urged the Central Bank of Nigeria to address Naira’s depreciating value in relation to the dollar and other currencies.

The House requested the CBN to alter monetary policy to stabilize the naira, address speculative activity on the foreign exchange market, and raise the naira’s withdrawal cap to lessen pressure on dollars and other foreign currencies.

It also asked the Federal Government to develop structural changes and measures to fight corruption and advance the nation’s economy’s diversification.