The Federal Government is planning to introduce a policy that will require the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Ports Authority (NPA) to collect all their fees and charges in naira instead of foreign currencies.
Bayo Onanuga, the Special Adviser to the President on Information and Strategy, announced this during a press briefing at the State House in Abuja on Wednesday. He explained that the proposal is part of the Economic Stabilisation Bills (ESBs) that President Bola Tinubu will present to the National Assembly.
Onanuga said the plan is aimed at reducing pressure on the country’s foreign exchange market and promoting the use of the naira in more transactions.
“The proposal seeks to amend the operating laws of NIMASA and NPA to ensure that all fees, charges, levies, and fines payable to these agencies are paid in naira at the current exchange rate,” Onanuga said. “Previously, these agencies were charging in dollars, but now they will collect these payments in naira. This is part of the government’s effort to reduce dollarisation in our economy and promote the use of our national currency.”
The announcement follows the unification of the naira on June 14, 2024, which has led to a significant depreciation of the currency, dropping from N471.67 per dollar to N1667.42 per dollar in the official market as of Wednesday.
Additionally, as part of efforts to lower the demand for dollars, the Federal Government announced on October 1 that it would begin selling crude oil in naira to the Dangote Refinery and other local refineries.
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