by The Federal Government has announced plans to change how the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Port Authority (NPA) collect charges, fines, and other payments. Instead of collecting payments in foreign currency, these agencies will now charge in naira.
This was disclosed by Bayo Onanuga, the Special Adviser to the President on Information and Strategy, during a press briefing at the State House in Abuja on Wednesday. Onanuga said the proposal is part of the Economic Stabilisation Bills (ESBs) that President Bola Tinubu will present to the National Assembly.
On Monday, the Federal Executive Council (FEC) approved these bills, which include amendments to tax policies. The goal of the plan is to prioritize the use of naira and reduce pressure on Nigeria’s foreign exchange market.
Onanuga explained that the laws guiding NIMASA and NPA would be amended so that all fees, charges, levies, and fines payable to these agencies will be in naira, calculated at the current exchange rate.
“In the past, these agencies charged in dollars, but now they will collect payments in naira. The government is focused on promoting the use of our national currency and reducing the dependence on dollars in the economy,” he said.
Since the unification of the naira in June 2023, the currency has depreciated significantly, from N471.67 per dollar to N1667.42 per dollar as of Wednesday.
In another move to reduce demand for dollars, the government announced on October 1 that it will begin selling crude oil in naira to the Dangote Refinery and other local refineries.
