2 Years Jail Term For Anybody Who Keeps Foreign Currency For More Than 30 Days

By Ikenga Chronicles November 16, 2016

2 Years Jail Term For Anybody Who Keeps Foreign Currency For More Than 30 Days

While Nigerians are busy battling economic difficulties, President Muhammadu Buhari’s government has continued with its unorthodox means of handling economic matters.In a move to continue to control Foreign Exchange, the Central Bank of Nigeria has come up with an amendment of the Foreign Exchange Monitoring and Miscellaneous Provisions Act which is currently on the floor of the Senate for approval.

The bill, if passed has all of the makings of what one may call “dictatorial economics”.

According to the stipulations of Section 9A of the bill;

“The possession of foreign currency by any person without depositing same in a domiciliary account within 30 days of its acquisition constitutes an offence liable on conviction to two years imprisonment or to a fine of 20% of the amount of foreign currency involved”

This clearly means that government will now regulate how private citizens use their hard earned money provided such earnings are in foreign currency!

It could be recalled that a week ago, in a bid to forcefully control the exchange rate of the naira to other currencies, government dispatched the Department of State Services(DSS) to clampdown on Bureau De Change operators who buy or sell foreign currencies above government’s set prices.

Many Nigerians have taken to social media to express their distaste of this policy with ace blogger, Omojuwa referring to it as “Banana Republic things”.

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