The Federal Government of Nigeria has proposed that the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Port Authority (NPA) begin collecting charges, fees, fines, and other payments exclusively in Naira instead of foreign currencies.
This proposal, part of the Economic Stabilisation Bill, was revealed by Bayo Onanuga, Special Adviser to the President on Information and Strategy, during a state house briefing in Abuja. The bill will soon be presented to the National Assembly.
The shift to Naira payments is intended to ease the pressure on Nigeria’s foreign exchange market by promoting the use of the local currency. Previously, NIMASA and NPA levied fees in dollars, a practice that contributed to the dollarization of Nigeria’s economy.
Onanuga explained that the government is making efforts to emphasize the national currency, reducing the economy’s dependency on foreign currencies like the dollar. “This government wants to put a lot of emphasis on our national currency instead of everything being dollarised in our economy,” he said.
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This proposal reflects a broader effort by the federal government to mitigate the volatility of the Naira by limiting the need for foreign exchange. It follows other similar moves, such as the approval for the Nigerian National Petroleum Company (NNPC) Limited to sell crude oil to local refineries in Naira instead of the USD, a key step toward easing pressures on the forex market.
The Naira has faced significant volatility in recent times, depreciating sharply due to the unification of the foreign exchange market. However, the government hopes that initiatives like this will help stabilize the currency by reducing the demand for dollars and promoting the use of Naira in key sectors.
