The federal government is proposing that the Nigerian Maritime Administration and Safety Agency and the Nigerian Port Authority begin collecting charges, fees, fines, and other payments in Naira instead of foreign currencies.
The Special Adviser to the President on Information and Strategy, Bayo Onanuga disclosed this initiative during a briefing at the State House in Abuja, according to Nairametrics.
He noted that this proposal is part of the economic stabilization bill that will be presented by the President to the National Assembly.
Onanuga explained that the move aims to prioritize the use of local currency in Nigeria and alleviate pressure on the foreign exchange market, reflecting the government’s commitment to strengthening the national economy.
He said, “the second one has to do with the operating laws guiding NIMASA and Nigerian Port Authority (NPA), the amendment under that in the economic stabilisation bills is that all their fees, charges, levies, fines and other monies accruing to them and payable to those agencies will now be paid in Naira at the applicable exchange rate.
“Hitherto, those agencies were charging in Dollars but now collect it in Naira. This government wants to put a lot of emphasis on our national currency instead of everything being dollarised in our economy.”
The proposal underscores the federal government’s efforts to decouple the Nigerian economy from the fluctuations of the foreign exchange market, particularly regarding the exchange rate of the Naira against the USD.
By implementing this measure, the government aims to reduce the demand for foreign exchange among stakeholders in the maritime sector, thereby easing pressures on Nigeria’s forex market.
This strategy is part of a broader initiative to stabilize the economy and promote the use of local currency in various transactions.
Similar initiatives include the recent approval by the Federal Executive Council (mallowing the Nigerian National Petroleum Company Ltd to sell crude oil to the Dangote refinery and other local refineries in Naira instead of USD, which is typically used for settling international commodity trades.
