The Nigerian Senate has introduced a bill proposing an increase in the fine for naira abuse to N500,000.
The bill, sponsored by Senator Mukhail Adetokunbo Abiru (Lagos East), was initially sponsored by Senator Darlington Nwokocha before his removal from office by a Court of Appeal in Lagos.
Titled ‘A Bill for an Act to Amend the Central Bank of Nigeria Act No. 7 of 2007,’ it aims to empower the Central Bank of Nigeria (CBN) to fulfil its principal objectives.
READ ALSO: 47 Boko Haram, ISWAP terrorists surrender to MNJTF
The proposed legislation suggests a minimum fine of N500,000 or six months imprisonment for anyone who refuses to accept naira as a means of payment in Nigeria.
According to the amendment bill, “A person who refuses to accept the Naira as a means of payment or who prices or denominates the cost of any product or service or consummates any non-export business in Nigeria other than in Naira is guilty of an offence (unless the Bank has by written circular published in the National Gazette permitted such transaction) and liable on conviction to a fine of N500, 000 or six months imprisonment.”
Additionally, the Senate proposed a new minimum fine of N500,000 for anyone engaged in the buying and selling of naira notes.
These proposed changes are intended to serve as a deterrent against the misuse and abuse of the national currency.
