The presidency is pressing ahead with efforts to strengthen the naira against the dollar, with a proposed Economic Stabilisation Bill submitted to the National Assembly.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, highlighted this during a briefing on the bill’s components, noting that it is designed to support the stability of the national currency.
Key aspects of the bill include measures ensuring that the Nigerian Maritime Administration and Safety Agency (NIMASA) collects all accrued revenues in naira, rather than dollars.
Onanuga explained that the bill, if passed, will also direct the Nigerian Ports Authority (NPA) to shift from collecting fees, charges, levies, and fines exclusively in dollars to using an applicable naira exchange rate.
“The second part of the bill covers the operation laws guiding NIMASA and the Nigerian Ports Authority. The amendment will ensure that all their fees, charges, levies, fines, and other accruals are now paid in naira at the applicable exchange rate.
Previously, these agencies charged in dollars, but now they can collect in naira,” he said. Onanuga emphasised that the move underscores the government’s commitment to strengthening the naira and curbing the dollarisation of the economy.
