On Wednesday, the federal government of Nigeria proposed the implementation of the Naira for transactions to reduce pressure on the foreign exchange (FX) market and to strengthen the Naira against foreign currencies.
This proposal was declared by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, who spoke on Wednesday during a press briefing at the state house in Abuja.
It could be recalled that Naira has significantly depreciated from N471.67 per USD to N1667.42 per USD in the official market as of Wednesday. Therefore, as part of the government’s effort to reduce the demand for dollars, the federal government reiterated that on October 1, the sale of crude oil in Naira to the Dangote refinery, and other local refineries would commence.
According to Onanuga, the federal government will implement policies that would force the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Port Authority (NPA) to transact in Naira.
“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.” He said.
He added that this is part of the economic stabilisation bills (ESBs) to be presented by President Bola Tinubu to the national assembly.
“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.”