Abuja, NG — In a decisive move to protect Nigeria’s rapidly expanding digital economy, a group of public policy experts in Nigeria, known as the Public Policy Reform Coalition, has put forward an important legislative measure called the Digital Broadcast Export Control Bill. This proposed law aims to curb the illegal export of Digital Broadcast Currency (DBC) and prevent the proliferation of counterfeit digital currency.
The initiative which was formally unveiled during a media briefing in Abuja, aims to create a clear legal and regulatory framework for digital broadcast currency. While emphasizing its potential benefits, the program also recognizes the risk of misuse—particularly in the production or distribution of counterfeit currency. Although the full details of the proposed law have not yet been made public, sources within the coalition have indicated that the bill will include a key provision making it unlawful to export or transmit Nigeria’s Digital Broadcast Currency outside the country without explicit government approval.
“We are witnessing the rise of digital currency infrastructure globally, and while this offers transformative benefits, it has also created opportunities for illegal activities such as currency counterfeiting,” said Dr. Ibrahim Chukwuma, lead advocate of the Public Policy Reform Coalition. “This bill is a proactive step to close those loopholes and protect the economic stability of Nigeria.”
The group cautioned that counterfeit currency is a major economic concern since it increases inflation, lowers citizens’ purchasing power, and results in large losses for both individuals and businesses. They believe that by addressing the security issues surrounding digital currency, Nigeria can significantly lower the flow of counterfeit money into the country and safeguard its financial stability
Jonah Ubanmhen, Executive Director of the Reform Coalition, emphasized that counterfeit money hurts ordinary citizens by diminishing the value of their earnings and undermining trust in the economy. He added, “This measure is essential for protecting Nigeria’s digital currency infrastructure and ensuring that our country maintains complete control over its sovereign digital assets.”
It Is anticipated that the detailed steps for enforcing the Digital Broadcast Export Control Legislation and the roles of the different stakeholders would be clarified in the upcoming weeks. The principal advocate for the group, however, argues that the plan finds the right balance between encouraging innovation and protecting national security. “ This is about more than just the risk of counterfeit currency,” Dr. Chukwuma clarified. “The objective is to ensure that our nation’s progress is achieved in a safe, sustainable, and truly independent manner.”
