A bill seeking to ban the use of foreign currencies in Nigeria has passed its first reading in the Senate. Titled "A Bill for an Act to Alter the Central Bank of Nigeria Act, 2007, No. 7, to Prohibit the Use of Foreign Currencies for Remuneration and Other Related Matters," the legislation aims to prioritize the naira for all financial transactions, including salaries and payments.

Sponsored by Senator Ned Nwoko, Chairman of the Senate Committee on Reparations and Repatriation, the bill seeks to curtail the use of foreign currencies like the US dollar and British pound in domestic transactions. Senator Nwoko criticized the practice as a “colonial relic” that undermines the naira’s value and hampers Nigeria’s economic independence.

“The widespread use of foreign currencies perpetuates economic instability and weakens the naira. It is time we prioritise our own currency to achieve true economic sovereignty,” Nwoko said.

If enacted, the law would mandate a shift to the naira for all forms of payments, significantly influencing various sectors and reinforcing Nigeria’s local currency. The bill’s advancement highlights growing legislative efforts to tackle the naira’s depreciation and reduce dependency on foreign exchange.

The Senate will continue deliberations as the bill progresses through subsequent readings and committee reviews.

The Supreme Court has imposed a N5 million fine on Ambrose Albert Owuru, a former presidential candidate, for filing a frivolous and vexatious suit against President Bola Ahmed Tinubu. Owuru, who contested the 2019 presidential election under the Hope Democratic Party (HDP), had filed a fresh suit seeking to remove Tinubu from office. The court dismissed his suit and ordered him to pay the fine to Tinubu.

Owuru, who claimed to be a lawyer, appeared in court on Monday to argue his case but was ordered to remove his wig and gown before being allowed to speak. He attempted to convince the court, but his explanations were dismissed as unconvincing. Justice Uwani Musa Aba-Aji criticized his conduct, calling it unbecoming for a lawyer with over 40 years of experience.

This is not the first time Owuru has been fined by the courts. The Court of Appeal had previously imposed a N40 million fine on him for filing another suit against Tinubu, the Independent National Electoral Commission (INEC), and others.

In his latest suit, Owuru sought to remove Tinubu on the grounds that he was unqualified to hold office as president and had usurped the position unlawfully. He also accused Tinubu of being involved in a drug-related forfeiture case in the United States and claimed that Tinubu was under the control of foreign authorities, disqualifying him from being president. Owuru also requested the court to declare him the rightful winner of the 2019 election and order his immediate inauguration as president.

The Federal High Court in Abuja has granted bail to former Kogi State Governor, Yahaya Bello, in the sum of ₦500 million. Presiding over the hearing on Friday, Justice Emeka Nwite outlined the conditions for bail, requiring Bello to present two sureties with properties in Abuja.

The court specified that the sureties must swear affidavits of means, and the title documents of their properties must be verified by the Deputy Chief Registrar. Additionally, Bello is required to surrender his international passport to the court and provide two recent passport photographs along with those of his sureties.

Until the bail conditions are met, Justice Nwite ordered that Bello remain in custody at the Kuje Correctional Center in Abuja.

Bello pleaded not guilty to the 19-count charge of alleged ₦80 billion fraud filed against him by the Economic and Financial Crimes Commission (EFCC). The charges relate to alleged money laundering during his tenure as governor.

During the hearing, EFCC counsel Kemi Pinheiro, SAN, informed the court of the withdrawal of an earlier application to expedite the arraignment date, stating it had been rendered moot by recent developments. Defense counsel Joseph Daudu, SAN, did not oppose the withdrawal, and Justice Nwite granted the request, striking out the application.

RELATED: Former Governor Bello Pleads Not Guilty to EFCC’s N80bn Charge

Former Kogi State Governor, Yahaya Bello, has pleaded not guilty to 19 charges leveled against him by the Economic and Financial Crimes Commission (EFCC). The charges relate to an alleged N80 billion money laundering case.

During Friday’s hearing at the Federal High Court in Abuja, EFCC counsel Kemi Pinheiro, SAN, informed the court of the prosecution’s decision to withdraw a prior application seeking an earlier arraignment date. Pinheiro explained that the application was no longer relevant due to recent developments.

The defense team, led by Joseph Daudu, SAN, raised no objections, and Justice Emeka Nwite granted the prosecution's request. The case now proceeds to the next stage in court.

READ ALSO: Yahaya Bello and Two Others Plead Not Guilty to EFCC Criminal Charges