• About Us
  • Contact Us
  • Privacy & Policy
Monday, October 13, 2025
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
Advertisement
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
No Result
View All Result

FG Mandates NIMASA and NPA to Adopt Naira-Only Payments

Vincent Amadi by Vincent Amadi
September 27, 2024
in Economy
Reading Time: 4 mins read
A A
0
FG Mandates NIMASA and NPA to Adopt Naira-Only Payments
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram


The federal government is advancing a significant policy change aimed at the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Port Authority (NPA).

This new proposal seeks to shift the mode of collecting charges, fees, levies, and fines from foreign currencies, specifically the U.S. Dollar, to the Naira, Nigeria’s local currency.

This initiative is part of a broader economic stabilization effort and is embedded within a bill that President Bola Tinubu is set to present before the National Assembly (NASS).
Bayo Onanuga, the Special Adviser to the President on Information and Strategy, revealed this proposal during a briefing held at the State House in Abuja.

He emphasized that the move is central to the federal government’s strategy to prioritize the use of the Naira over foreign currencies in key sectors of the economy, particularly in areas that generate significant revenue like maritime operations.

Also read: FG to Revive Toll Gates to Fund Road Maintenance and Security

The overarching goal of the policy is to alleviate the intense pressure on Nigeria’s foreign exchange market, which has experienced tremendous volatility in recent years.
Onanuga further clarified the government’s intent, stating, “The second one has to do with the operating laws guiding NIMASA and the Nigerian Port Authority (NPA). The amendment under that in the economic stabilization 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 explained that these agencies, which have historically charged fees and levies in U.S. Dollars, will now conduct transactions exclusively in Naira. This shift is designed to help de-dollarize the Nigerian economy, a goal that the government sees as vital to stabilizing the nation’s currency and shielding the economy from the unpredictability of foreign exchange rates.
Prior to this proposal, both NIMASA and the NPA charged companies and stakeholders in U.S. Dollars, aligning with the global standard for maritime services. However, the government’s new directive seeks to emphasize the use of the Naira, which it hopes will lessen the country’s dependency on foreign currencies and curb the broader trend of “dollarization” within the Nigerian economy.
This policy change is part of a larger plan by the federal government to decouple the Nigerian economy from the volatility of the foreign exchange market, especially in relation to the Naira’s exchange rate against the U.S. Dollar.

By encouraging the use of Naira in key sectors like maritime services, the government hopes to reduce the demand for foreign currency, particularly within industries that generate considerable revenue. In doing so, the government aims to relieve the ongoing pressure on Nigeria’s foreign exchange reserves, ensuring greater stability in the forex market.
Another initiative that aligns with this effort is the federal government’s recent approval for the Nigerian National Petroleum Company Limited (NNPC) to sell crude oil to local refineries, such as the Dangote Refinery, in Naira rather than in U.S. Dollars.

This is a significant departure from the long-standing global practice of trading international commodities like crude oil in foreign currencies. The move underscores the government’s commitment to using the Naira in major financial transactions and reducing the country’s reliance on foreign currencies in vital sectors of the economy.
The urgency of this shift becomes even more apparent when considering the Naira’s tumultuous performance in the foreign exchange market over the past 14 months.

Following the unification of the foreign exchange market in June 2023, the Naira initially stabilized at around N750 to the U.S. Dollar. However, by the end of that year, the exchange rate had fallen to N907/$, reflecting the currency’s ongoing struggles.
In 2024, the Naira’s volatility continued, with the currency experiencing dramatic fluctuations. Between February and March, the Naira was one of the worst-performing currencies globally, exacerbating concerns over Nigeria’s economic stability.

However, in a surprising turnaround, by April 2024, the Naira briefly became the world’s best-performing currency, giving rise to optimism about its potential recovery. Unfortunately, this momentum did not last. By mid-2024, the Naira had resumed its downward slide, depreciating significantly and nearing a rate of N1,600 to the U.S. Dollar.
This period of intense volatility in the Naira’s value has had profound effects on Nigeria’s economy, driving inflation, increasing the cost of imports, and exerting pressure on businesses that rely on foreign exchange. As a result, the federal government is now taking aggressive steps to stabilize the currency by implementing measures such as the proposed NIMASA and NPA reforms, which seek to promote the use of Naira over foreign currencies in key sectors.
Through these efforts, the government hopes to protect the Naira from further devaluation and restore confidence in Nigeria’s local currency. By reducing the demand for foreign exchange, particularly within high-revenue sectors like the maritime industry and petroleum exports, the administration aims to foster greater stability in the country’s financial markets.

Ultimately, the success of these policies will hinge on the federal government’s ability to effectively implement the proposed reforms and ensure that stakeholders within these industries adapt to the new requirements of conducting business in Naira.
In conclusion, the federal government’s proposal for NIMASA and NPA to collect their fees and charges in Naira rather than foreign currencies is a strategic move designed to stabilize Nigeria’s economy, reduce the pressure on the foreign exchange market, and promote the broader use of the Naira in high-revenue sectors.

This initiative, along with similar measures being implemented in the oil industry, represents a concerted effort to de-dollarize the Nigerian economy and ensure long-term financial stability amidst ongoing challenges.

Tags: business
Vincent Amadi

Vincent Amadi

Related Posts

Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

We never imported bad fuel – Dangote Refinery

2 days ago
Naira Appreciates to N1,465/$ as External Reserves Reserves Jump to $42.4bn
Economy

Naira Appreciates to N1,465/$ as External Reserves Reserves Jump to $42.4bn

1 week ago
BREAKING NEWS: PENGASSAN Declares Nationwide Strike.
Economy

BREAKING NEWS: PENGASSAN calls off strike

2 weeks ago
You’re scaring off investors – Senator Karimi warns PENGASSAN over feud with Dangote Refinery
Economy

You’re scaring off investors – Senator Karimi warns PENGASSAN over feud with Dangote Refinery

2 weeks ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

NATIONS NEWS

FG warns ASUU against disrupting academic calendar with strike
National

FG warns ASUU against disrupting academic calendar with strike

58 minutes ago
No plans of replacing Edun – Presidency clarifies
National

No plans of replacing Edun – Presidency clarifies

1 hour ago
Rivers PDP warns Fubara against defecting to APC
National

Fubara retains eight commissioners in addition to fresh nominees

1 hour ago
Tinubu under fire for granting clemency to 70 drug dealers and others
National

Tinubu under fire for granting clemency to 70 drug dealers and others

1 hour ago
Atiku Joins Call For VDM’s Release, Calls Arrest Disgraceful
National

Young people are losing hope in Nigeria – Atiku

1 hour ago
Amupitan will need courage to restore INEC’s credibility — Presidency
National

Amupitan will need courage to restore INEC’s credibility — Presidency

2 days ago

POLITICS

Despite Herdsmen attack, Enugu is the safest State in Nigeria-Governor Peter Mbah

Mbah’s APC defection move rips Enugu PDP apart

2 days ago
PDP Governors Hold Crucial Caucus Ahead NEC Meeting

PDP to Senate: Don’t hurry Amupitan confirmation, Nigerians deserve credible INEC chair

2 days ago
2027: Defections can’t stop us – PDP declares

2027: Defections can’t stop us – PDP declares

3 days ago
Seven Akwa Ibom Lawmakers Defect to APC, Citing Party Divisions

2027: ADC’s hope of victory just hallucination – APC

4 days ago
Akpabio, Moro in heated argument over senators’ defections

Akpabio, Moro in heated argument over senators’ defections

4 days ago
Court Orders INEC to Prosecute 2023 Election Offenders

Fix INEC before 2027 elections – Political leaders urge Tinubu

6 days ago

YOUR ECONOMY

Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

We never imported bad fuel – Dangote Refinery

2 days ago
Naira Appreciates to N1,465/$ as External Reserves Reserves Jump to $42.4bn
Economy

Naira Appreciates to N1,465/$ as External Reserves Reserves Jump to $42.4bn

1 week ago
BREAKING NEWS: PENGASSAN Declares Nationwide Strike.
Economy

BREAKING NEWS: PENGASSAN calls off strike

2 weeks ago
You’re scaring off investors – Senator Karimi warns PENGASSAN over feud with Dangote Refinery
Economy

You’re scaring off investors – Senator Karimi warns PENGASSAN over feud with Dangote Refinery

2 weeks ago
BUA Chairman: Naira Will Settle at N1,300/$ by December 2025
Economy

BUA Chairman: Naira Will Settle at N1,300/$ by December 2025

3 weeks ago
IMF, World Bank, puppeteers behind Nigeria’s full fuel subsidy removal – Falana
Economy

IMF, World Bank, puppeteers behind Nigeria’s full fuel subsidy removal – Falana

4 weeks ago

E & P

EPL: They’ll be beaten – Paul Scholes predicts winner in Liverpool vs Man Utd
Sports

EPL: They’ll be beaten – Paul Scholes predicts winner in Liverpool vs Man Utd

by Steven Atogi
5 days ago
0

Manchester United legend, Paul Scholes has predicted the Premier League match between the Red Devils and Liverpool. Liverpool will host...

EPL: Amorim should use Mbeumo as striker over Sesko — Owen

EPL: Amorim should use Mbeumo as striker over Sesko — Owen

1 week ago
Xavi Hernandez hinted to replace Ruben Amorim at Old Trafford

Xavi Hernandez hinted to replace Ruben Amorim at Old Trafford

2 weeks ago
Dembele wins 2025 Ballon d’Or ahead of Yamal [Full list]

Dembele wins 2025 Ballon d’Or ahead of Yamal [Full list]

3 weeks ago
Paul Scholes Defends Amorim’s System, Slams Manchester United Recruitment System

Paul Scholes Defends Amorim’s System, Slams Manchester United Recruitment System

4 weeks ago
Lookman Wins Atalanta Player of the Month of September 2024

Siasia to Chelle: Rely on Lookman, Arokodare

1 month ago

YOUR THOUGHT & HISTORY

NASS Rubber-Stamp Tinubu: PDP Chieftain Blasts Legislature, Calls Akpabio ‘Unfit’
National

NASS Rubber-Stamp Tinubu: PDP Chieftain Blasts Legislature, Calls Akpabio ‘Unfit’

by Steven Atogi
1 week ago
The Union, the Tycoon, and the State: Dangote versus PENGASSAN War, A New Precedent for Nigerian Labour
Opinion

The Union, the Tycoon, and the State: Dangote versus PENGASSAN War, A New Precedent for Nigerian Labour

by Odini Brains
2 weeks ago
HOW MR EAZI, OTEDOLA’S SON-IN-LAW, BUILT AN 18-COUNTRY EMPIRE
Opinion

HOW MR EAZI, OTEDOLA’S SON-IN-LAW, BUILT AN 18-COUNTRY EMPIRE

by Odini Brains
1 month ago
Mr Eazi and Temi Otedola: A Love Story That Traveled Three Continents
National

Mr Eazi and Temi Otedola: A Love Story That Traveled Three Continents

by Odini Brains
1 month ago
The Rise And Fall Of Sports Institute, Isaka
Columns

The Rise And Fall Of Sports Institute, Isaka

by Tammy Opoki
2 months ago

Who we are

Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history

Welcome to Umpire News, your go-to online newspaper dedicated to broadening perspectives and expanding the horizons of our numerous readers. Read more

Browse by Category

  • Columns
  • Economy
  • Editorial
  • Entertainment
  • International
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Trends

Recent News

FG warns ASUU against disrupting academic calendar with strike

FG warns ASUU against disrupting academic calendar with strike

October 13, 2025
No plans of replacing Edun – Presidency clarifies

No plans of replacing Edun – Presidency clarifies

October 13, 2025
  • About Us
  • Contact Us
  • Privacy & Policy

© 2024 Copyright Umpirenews. All rights reserved

No Result
View All Result
  • Home
  • National
  • Economy
  • Politics
  • Sports
  • Entertainment
  • Editorial
  • Opinion
  • Columns

© 2024 Copyright Umpirenews. All rights reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

🤑Join & Get Our Easter Gifts 🤑

Enter your NAME & Email NOW!!

Be among the 1st 100 lucky WINNERS to win our Amazing GIFTs this Easter Period as you READ our Daily hot NEWs & make meaningful comments and follow us on our social media handles.

Name
Enter your email address