FG’s new policy on collection of fees in Naira by NIMASA, NPA will strengthen Naira – TMV 

Abuja, Oct. 1, 2024 – The Tinubu Media Volunteers (TMV) says it convinced that the new directive for the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Ports Authority (NPA) to collect levies in naira will go a long way to strengthening the local currency.

In a statement signed by its Chairman Chukwudi Enekwechi and Secretary, Sunday Shedrach Gyungoun, TMV described it as a novel initiative that will give more value to the Naira against other currencies.

The group said: “The recent federal government policy and directive for the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Ports Authority (NPA) to start collection of charges, fees and levies in the Nigerian local currency, Naira, rather than in foreign currencies, such as dollar, will go a long way to strengthen the Naira and reduce the pressure on the use of foreign exchange.

“We acknowledge that this novel idea is part of the Economic Stabilisation Bill to be presented by the President, Bola Ahmed Tinubu, to the National Assembly.

“This policy, we believe, will give priority to the use of Naira in international business transactions, thereby reducing pressure on the foreign exchange market.

“Furthermore, we believe that the move will bring value and pride to the Naira being Nigeria’s national currency. 

We recall that before the coming of the Tinubu administration, these agencies were charging in dollars, but with the new policy, the Nigerian currency will be given a pride of place in global business transactions. This is not only novel but phenomenal.

“We also note that the policy will detach our national currency from the uncertainties associated with the foreign exchange market. It will also be recalled that in its efforts to strengthen the Naira, the Federal Executive Council had recently mandated the Nigerian National Petroleum Company Limited (NNPCL) to sell crude oil to the Dangote refinery and other local refineries in Naira.”

TMV expressed optimism that the two agencies would ensure full implementation of the directive. (GBN)