A bill to modify the Central Bank of Nigeria Act 2007 has been submitted in the Nigerian Senate, which would increase the minimum fine for abusing naira by 900%, from N50,000 to N500,000.

Senator Mukhail Adetokunbo Abiru (Lagos East) is the sponsor of the proposed legislation, which aims to severely enhance the punishment for abusing naira.

Prior to his removal from office by a Lagos Appeal Court, Senator Darlington Nwokocha was the bill’s original sponsor.

The goal of the bill, “A Bill for an Act to Amend the Central Bank of Nigeria Act No. 7 of 2007,” is to provide the CBN more authority to carry out its main goals.

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 amendment bill read: “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 6 months imprisonment.”

The Senate also proposes a new minimum fine of N500,000 for anyone who engages in the buying and selling of naira notes. 

The amendment bill read: “A person who buys/sells Naira notes at a mark-up is guilty of an offence and shall on conviction be liable to imprisonment for a term not less than six months or to a fine not less than N500,000 or Ten per cent of the transaction value (whichever is higher), or six (6) months imprisonment.”

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.