Tanzania has officially banned the use of foreign currencies, including the US dollar, for all domestic transactions, with the Tanzanian shilling now required for payments within the country.

This move follows a significant devaluation of the shilling, which has lost over 10% of its value against the US dollar, and aims to strengthen the national currency and improve control over monetary policy Exemptions include payments by foreign visitors, diplomatic posts, and certain international loans, while businesses have until 2026 to convert existing foreign currency contracts to Tanzanian shillings

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market. 5 Tanzania has officially banned the use of foreign currencies, including the US dollar, for all domestic transactions.

This means that the Tanzanian shilling (TZS) must be used exclusively to pay for products and services within the country. Tanzania officially banned the use of foreign currencies for local transaction. Photo Credit: Tanzanian Govt Source: UGC This comes after the Tanzanian shilling lost more than 10% of its value in relation to the US dollar, making it Africa's worst-performing currency in 2024, according to Bloomberg data. By  Zainab Iwayemi, Legit