Nigeria, Dec. 12 -- The House of Representatives on Thursday recorded overwhelming support for a bill seeking to prohibit the use of foreign currency for local transactions and overhaul key provisions of the Central Bank of Nigeria (CBN) Act.

The legislation, jointly sponsored by the House Leader, Julius Ihonvbere (APC, Edo) and Jesse Onuakalusi (APC, Lagos), is designed to strengthen the operational framework of the apex bank, deepen transparency and ensure firmer institutional checks and balances.

During the debate, lawmakers argued that the country's economic climate, marked by persistent volatility, an unstable exchange rate and growing concerns over the conduct of monetary policy, made the proposed amendments both timely and necess...