Bill proposing N200,000 fine for naira abusers passes second reading

A bill seeking to amend the Currency Offences Act 2004 and institute a stiffer penalty for abusers of the naira on Tuesday passed second reading in the House of Representatives.

The sponsor of the bill, Uchechuku Nnam-Obi, had expressed concern over the increasing rate of abuse of the country’s currency.

According to him, the emerging amendment bill seeks to institute a stiffer penalty for the violation of the Principal Act by substituting the sum of N1,000 with the sum of N200,000 as fine in section 4 of the Act.

“It is a crime to hawk the naira and you see this abound in this country, in most cities in Nigeria, there is a place in Dei-Dei in Abuja, somewhere in Lagos and other towns it is shameful.

“And even go to ceremonies where you have wedding ceremonies, you see them selling it as though it were commodity like selling pepper and onion.

“For enforcement, we will charge our security operatives to do their bid.

“They need to do the needful to ensure that this is eradicated off our streets.

“If nobody is buying, nobody will sell so we should also call on our citizens of this great country not to patronise them.’’

Comments

Understanding Prof. Yemi Osinbajo - Abraham Ogbodo

Abraham Ogbodo I am trying to understand Prof. Yemi Osinbajo, the Vice President of the Federal Republic of Nigeria. Often, he speaks out of character. That is, he talks as if he is Vice President before he is a professor of law, even when I know that the latter comes first. The man wasn’t like this when he was the attorney general of Lagos State and a teacher at the Law Faculty of the University of Lagos. Then, his statements were measured and as a seasoned lawyer, based on facts. But today, Osinbajo is sounding like Adams Oshiomhole, a union leader, who by the grace of God, became governor of Edo State for eight years. The revelations about big thefts in the economy had come more from Adams than even Ibrahim Magu, chairman of the EFCC. It was Adams who said former petroleum minister; Mrs. Diezani Allison-Madueke alone stole 13 billion British pounds from the national treasury. That is like saying she stole in raw cash almost twice as much as the entire fortune of Alhaj...

Boko Haram’s campaign against education and enlightenment - By Landry Signe

Nelson Mandela once said, “Education is the most powerful weapon which you can use to change the world.” Boko Haram, the Islamist terrorist group originating from Nigeria is frightened by this enlightening power of education. Unsurprisingly, on Monday, February 19, the group, whose name often translates to “Western education is a sin,” stormed a girls’ school in the village of Dapchi in northern Nigeria to abduct students. Of the 907 schoolgirls who were in the school the day of the attack, more than 100 are still missing as of Sunday. Since it became violent about a decade ago, Boko Haram’s actions, through these and other types of bloody attacks, have resulted in horrifying consequences. Human Rights Watch estimates that Boko Haram has left at least 7 million in need of humanitarian assistance, 2.1 million displaced, and 20,000 civilians dead. Local leaders claim the number is significantly higher. Despite such causalities, it took Boko Haram’s massive kidnapping of 276 sch...

Much ado about the foreign reserves - Nonso Obikili

I have received a lot of questions about the Central Bank of Nigeria’s (CBN) foreign reserves recently. The CBN has of course been touting the reserves growing from a low of about $24bn to the approximately $42bn it is now. The questions typically centre around why we are keeping so much in reserve when the economy is struggling, and we have poor infrastructure? Why don’t we use the reserves to reduce the poverty that is rampant? The question typically betrays a little bit of misunderstanding over what the foreign reserves are and how the entire thing works. Hopefully, after reading this we will have a better understanding of what it is and what it can and can’t be used for. First, what is the “Foreign Reserves?” It is the amount of foreign exchange that the central bank has at its disposal at any point in time. Some of this is in cash and some in other liquid assets, that is assets that can quickly be turned to cash. Some of this is in US dollars but sometimes it’s in other c...

ATTENCAO

Search This Blog