Nigeria moves to curb currency depreciation with new economic proposal

Abuja, Nigeria – Public policy reform advocate Jonah Ubanmhen has proposed the Digital Broadcast Foreign Reserve Bill, a ground-breaking piece of legislation designed to stabilise the country’s economy by tackling currency depreciation. The proposed law seeks to make illegal the conversion of digital broadcast currency into foreign currencies for local transactions in Nigeria, a move to boost the Nigerian currency’s value

 Mr. Jonah, a 38-year-old known for his forward-thinking approach to economic reforms, says the proposed legislation is intended to protect citizens’ means of livelihood and help usher in an era of sustained economic growth and stability. The act will essentially ring-fence Nigeria’s digital broadcast financial ecosystem by making it unlawful to exchange digital broadcast currency for foreign currencies in domestic transactions.

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“This proposal represents a strategic move toward protecting our economy from external shocks and maintaining control over our digital monetary infrastructure,” Jonah said in a statement. According to him, “This legislation will ensure that digital broadcast currency transactions stay within Nigeria’s economic ecosystem, thereby stabilising the naira and mitigating depreciation.”

Economists and financial experts have long referred to the influence of digital currencies and uncontrolled capital movements as contributing causes to the depreciation of national currencies in developing economies like Nigeria. It is anticipated that the Bill would lead to discussion on how to strike a balance between economic sovereignty and innovation.

The proposed legislation is expected to undergo review by lawmakers, with calls for public consultation to ensure its effectiveness and compatibility with Nigeria’s economic goals.