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FG Proposes Naira-Only Charges for NIMASA, NPA
This announcement was made by Bayo Onanuga, the Special Adviser to the President on Information and Strategy, during a briefing at the State House in Abuja.
He stressed that this initiative is part of the economic stabilization bill that will be presented by the President to the National Assembly (NASS).
Onanuga explained that this proposal aims to prioritize the use of local currency in Nigeria and alleviate pressure on the foreign exchange market.
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He stated, “The second aspect concerns the operational laws governing NIMASA and the NPA. The amendment included in the economic stabilization bill stipulates that all fees, charges, levies, fines, and other revenues owed to these agencies will now be payable in Naira at the applicable exchange rate.”
He added, “Previously, these agencies charged in Dollars, but now they will collect payments in Naira. This government is emphasising the importance of our national currency and reducing the dollarization of our economy.”
This proposal reflects the federal government’s efforts to mitigate the impact of foreign exchange fluctuations on the Nigerian economy, specifically regarding the exchange rate of the Naira against the USD. By implementing this change, the government aims to decrease the demand for foreign currency among stakeholders in the maritime sector, thereby easing pressure on Nigeria’s forex market.
Similar initiatives include the Federal Executive Council’s (FEC) recent approval allowing the Nigerian National Petroleum Company (NNPC) LTD to sell crude oil to Dangote Refinery and other local refineries in Naira instead of USD, which is traditionally used for settling international commodity trades.
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The Naira has faced significant volatility and depreciation over the past 14 months following the unification of the foreign exchange market and a tacit devaluation.
After the forex market was unified in June, the Naira stabilized around N750/$ but closed 2023 at N907/$. In 2024, the Naira experienced extreme fluctuations, being the worst-performing currency between February and March, before briefly becoming the best-performing currency globally in April 2024. However, it has since lost that momentum and is currently trading at approximately N1,600/$.
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