The Nigerian Senate has introduced a bill to amend the Central Bank of Nigeria Act 2007, proposing a 900% hike in minimum fine for naira abuse from N50,000 to N500,000.
The proposed legislation, sponsored by Senator Mukhail Adetokunbo Abiru (Lagos East), seeks to significantly increase penalties for naira abuse. The bill was earlier sponsored by Senator Darlington Nwokocha before he was sacked from office by an Appeal Court in Lagos.
The bill, titled ‘A Bill for an Act to Amend the Central Bank of Nigeria Act No. 7 of 2007,’ aims to empower the Central Bank of Nigeria (CBN) to better fulfil its principal objectives.
The bill proposes a minimum fine of N500,000 or six months imprisonment for anyone who refuses to accept naira as a means of payment in Nigeria.
The Senate also proposes a new minimum fine of N500,000 for anyone who engages in the buying and selling of naira notes.
These proposed changes are designed to deter the misuse and abuse of the national currency, ensuring that the naira remains the principal means of transaction within the country.
By imposing stiffer penalties, the Senate aims to reinforce the sanctity of the naira and uphold its value in the face of economic challenges.