November 21, 2016

Federal Government To Start Jailing Dollar Hoarders

The Government has proposed an amendment to the Foreign-Exchange Act to enable imprisonment of anyone who holds foreign currencies, especially the dollar, for more than 30 days.

This is the latest measure the government and the Central Bank of Nigeria are considering to stem the volatility in the exchange rate and bolster the ailing naira, Bloomberg report.

In the new proposal, which were published on the website of the Nigerian Law Reform Commission last week, the CBN is seeking the power to control capital flows and stop people from taking forex out of the country.

According to the draft amendment of the Foreign Exchange Act, anybody holding dollars in cash for more than 30 days risk a jail term for as long as two years or a fine of 20 percent of the amount.

The move to stabilize the Naira is really getting serious.

9 comments:

ats three said...

Issokay

Hassan Aderemi said...

Maybe things will begins to have shape with that moves.

Anonymous said...

What i find truly tragic is our government's insistence that the best way ( and perhaps only way) to kill a tree is by cutting off its branches. This government will easily win a global award for its characteristic and almost juvenile preoccupation with going around a problem rather than directly confronting it. While i do not endorse the practice of hoarding dollars, I completely detest the incompetency and moral infirmity of this government in fighting the root cause(s) of corruption.

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Harbolarkale Niyi said...

Dangerous decision, I like that. I can't wait to see governor and politicians in jail when they enact the law

gomba obari said...

Condos to federal government 4dat.

Anonymous said...

Let's produce and consume what we produce the Dollar rate will reduce.

Charles

Austine Gabriel said...

good news

Abayomi Olajide said...

Nice move by the federal government. I pray it's gonna be the cabals.

Dididjon Paul said...

Good one from FG