NPA Defends Dollar Payments Says Shipping Business Requires International Standards

The Nigerian Ports Authority (NPA) has issued a robust defense of its policy to charge operators in dollars, citing the international nature of the shipping business and the global recognition of the dollar as the primary currency for such transactions.

Mrs. Sarah Ballah, the acting General Manager of Corporate and Strategic Communications at NPA, explained that maritime operations inherently involve international dealings that necessitate the use of a universally accepted medium of exchange.

This declaration comes amidst heightened scrutiny from the Economic and Financial Crimes Commission (EFCC), which has initiated measures to curtail private organizations collecting dollars for services within Nigeria.

The EFCC’s move reflects broader concerns about the pressure on the naira and the need to safeguard the national currency’s stability.

Despite the EFCC’s directives, the NPA remains firm in its position, underlining that its transactions align with global trade norms.

While the agency acknowledges the importance of local business transactions being conducted in naira, it emphasizes that maritime activities, including vessel purchases, necessitate dollar payments due to the international nature of the industry.

NPA’s stance underscores the complex dynamics at play in Nigeria’s economic landscape and highlights the challenges associated with balancing local and international trade requirements amidst currency fluctuations and regulatory interventions.