Nigeria to Ditch Dollar, Shift to Naira for Maritime Fees

In a major move to prioritize the use of local currencies in Nigeria, the country’s Presidency has announced plans to convert the collection of fees and charges by the Nigerian Port Authority and Nigerian Maritime Administration and Safety Agency (NIMASA) from the United States dollar to the Nigerian naira.

This decision was revealed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, during a briefing at the state house. According to Onanuga, the proposal is part of the Economic Stabilisation Bill sent to the National Assembly, aimed at reducing pressure on the foreign exchange market.

Under the new arrangement, all fees, charges, levies, fines, and other monies accruing to NIMASA and NPA will be paid in naira at the applicable exchange rate. This represents a significant shift from the current practice, where the agencies have been charging in dollars.

This move is part of President Bola Ahmed Tinubu’s administration’s efforts to prioritize Nigeria’s national currency and reduce the country’s reliance on foreign currencies. Onanuga emphasized the government’s emphasis on prioritizing the naira, stating that it wants to put a lot of emphasis on the national currency instead of everything being dollarised in the economy.

This development is expected to have a significant impact on the country’s economy, as it aims to promote the use of local currencies and reduce the pressure on the foreign exchange market. With this move, Nigeria takes a step towards increasing economic stability and promoting the growth of its national currency.

The implementation of this proposal is expected to have a positive impact on the economy, as it will enable the country to better control its foreign exchange reserves and reduce the risk of dollarization. Additionally, this move is expected to encourage the use of local currencies in international transactions, thereby promoting economic growth and stability.

As Nigeria takes steps to prioritize its national currency, it is clear that the country is committed to promoting economic stability and reducing its reliance on foreign currencies. This move is a significant step towards achieving economic growth and development, and it is expected to have a positive impact on the country’s economy in the long run.