The Nigerian government wants the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Port Authority (NPA) to start collecting money in Naira instead of foreign currencies.
Bayo Onanuga, who advises the President on Information and Strategy, said this during a briefing in Abuja. He explained that this idea is part of a plan to help stabilize the economy, which the President will present to the National Assembly (NASS).
Onanuga mentioned that by using local currency, the government aims to reduce the stress on the foreign exchange market in Nigeria.
He said, “The new rule for NIMASA and NPA is that all their fees, charges, levies, fines, and other payments must now be made in Naira at the current exchange rate.”
“Before, these agencies collected money in Dollars, but now they will collect it in Naira. The government wants to focus more on our local currency rather than using Dollars for everything.”
What this Means
This change shows the government’s effort to make Nigeria’s economy less dependent on the ups and downs of the foreign exchange market. By collecting payments in Naira, there will be less demand for foreign currency, which should make things easier on the forex market in Nigeria.
- Other similar efforts include the government allowing the Nigerian National Petroleum Company (NNPC) to sell crude oil to the Dangote refinery and other local refineries in Naira instead of Dollars.
- In the past 14 months, the value of Naira has changed a lot. After the foreign exchange market was unified, the Naira went from being around N750/$ to ending the year 2023 at about N907/$.
- In 2024, the Naira has moved up and down a lot. It was the worst currency between February and March, and then became the best in April. Now, it has dropped again to around N1,600/$.