A Nigerian lawmaker is proposing a new currency law that would give the central bank legal powers to set exchange rates, effectively rolling back the nation’s six-month-old free float. The bill, sponsored by opposition politician John Enoh, would repeal existing foreign-exchange legislation, under which market rates are “mutually agreed” between counterparties, and allow the Abuja-based regulator to decide those rates itself. The draft has been through two readings in the Senate and will be put to a public hearing next year, according to Enoh, a senator representing the south-eastern state of Cross River with the main opposition People’s Democratic Party. “The Bank may determine the basic exchange rate, rate of purchase and sale of foreign exchange and arbitrated exchange rate in foreign exchange transactions, if it is necessary to do so for harmonious and orderly foreign exchange transactions in Nigeria,” according to a copy of the proposed law seen by Bloomberg. “Residents and non-residents shall perform transactions in conformity with such basic exchange rate.”