Stella Dimoko Nigeria Proposes Jail Time, Fines as It Tries to Boost Naira


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Saturday, November 19, 2016

Nigeria Proposes Jail Time, Fines as It Tries to Boost Naira

Nigeria plans to give the central bank more power to control capital flows and prevent foreign-exchange being taken out of the country, including jail time and fines for offenders as authorities battle a shortage of dollars.

Authorities should be able to jail for as long as two years anybody holding dollars in cash for more than 30 days, or fine them 20 percent of the amount, according to a draft amendment to Nigeria’s Foreign-Exchange Act. The proposals were published this week on the website of the Nigerian Law Reform Commission, which reviews legislation. Regulators should also be able to prevent money being repatriated “in accordance with the terms and conditions as may be prescribed by the central bank from time to time,” the draft shows.

The existing law is “narrow in scope” and “prohibits the seizure, forfeiture or expropriation of imported money by the government without providing for exceptions,” according to the document. The amendments are necessary “for effective monitoring and control, and to ensure probity in foreign-exchange transactions in Nigeria.”

Nigeria has increased capital controls since oil prices started crashing in the second half of 2014, reducing government revenue and export earnings. Central Bank of Nigeria Governor Godwin Emefiele pegged the naira for 15 months until June this year, a move analysts blamed for causing investors to flee the country, the economy to contract in the first half of the year and the inflation rate to rise to an 11-year high.

“The CBN wants to take its regulatory onus to frightening proportions,” analysts at SBM said in an e-mailed note Friday in response to the new draft law. “The move smacks of desperation and can only result in negative investor perception and capital flight.”

The central bank didn’t introduce the bill, Isaac Okorafor, a spokesman, said in a text message in response to questions, without elaborating.

from bloomberg


  1. Frankly speaking, I didn't understand a thing. If doing this will make the country better, they should pls do it.

  2. Good morning to my SDK family

  3. 'Anybody holding dollars in cash for more than 30days'
    How dem go know?

    1. Ask them my dear. Nonsense people. Who hold dollars pass them?

    2. Why are you Igbos sometimes the dumbest? Uche ozukwa unu ezu?

  4. Talk of a clueless administration.

    1. Azin ehen .Very clueless set of people. No vision ,nothing.

  5. I think all these rules and regulation will affect the business men/ women more,all these politician they always have a way around these rules.
    Emeifiela and Kemi should go.
    They both are out of ideas already.
    They keep doing trial and error.
    The people to move this country forward are not been put in position,rather BUBU is giving appointment based on party support.
    It's better to deal with trump than buhari.

  6. They are not in their right senses! They want to control people's personal money, not like it's the money in the bank

    By the way, why haven't the CBN governor tendered his resignation letter yet? He's not competent enough to help make decisions that will affect the masses positively.

  7. I see many people being arrested at aso ebi parties while spraying. Shina Peller got the memo?

  8. Just playing kpakpangolo with the economy!! Everyday new policy that doesn't even sound logical and beyond comprehension!! And we said Jonathan was Clueless... this is CLUELESS with a capital "C"

  9. It is obvious the citizens of this country is not ready for progress. Ask Stella Dimoko who lives in Germany if she plays with dollars the way we play with it?or if she goes to any bureau de change to get forex? Nigeria & Nigerians are very unserious people. No wonder you all are blaming Buhari for the economy. You all want to continue to live magazine lives without work.Your relatives loot & share to you & you think that is life? I Weep for this country.


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