The Nigerian Senate has introduced a bill to amend the Central Bank of Nigeria Act 2007, proposing a 900% hike in minimum fine for naira abuse from N50,000 to N500,000.

The proposed legislation, sponsored by Senator Mukhail Adetokunbo Abiru (Lagos East), seeks to significantly increase penalties for naira abuse. The bill was earlier sponsored by Senator Darlington Nwokocha before he was sacked from office by an Appeal Court in Lagos.

The bill, titled ‘A Bill for an Act to Amend the Central Bank of Nigeria Act No. 7 of 2007,’ aims to empower the Central Bank of Nigeria (CBN) to better fulfil its principal objectives.

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.

Ali Ndume, the Chief Whip of the Senate, has explained the difference between corruption by politicians and other people.

Ndume said corruption by Nigerian politicians should not warrant any serious punishment, noting that it is People-Driven.

The senator admitted that politicians “steal and share with the people”.

He stated this on Tuesday when he featured on Channels TV Politics Today while speaking on the death penalty as the deterrent for those caught with drugs.

He said when politicians’ corruption is compared to others, it is a “small one’

He stated, “If you compare us, politicians, to all the corruption, it is very small. Our corruption is people-driven. If you steal it, you will go and share it with the people. If you don’t, you are not coming back for four years. There is no reason for stealing.

“I have been to the National Assembly, I can’t say because we are on TV now and not tell the truth. If the death penalty is supposed to be included in corruption, I will support it but you don’t go and kill someone that stole one million or one billion, no. But someone who steals one trillion of government money should be killed.

The senator said he supports death punishment for drug dealers.

“The death penalty is the best deterrent for those being caught for drugs. If you do drugs, you are killing people.

“In fact, that means you have destroyed the lives of so many people and killed so many people,” he said.

Recently, the Senate passed a bill, the National Drug Law Enforcement Agency Act (Amendment Bill) 2024 passed by the Senate.

The bill prescribed death penalty for persons found guilty of trading in hard drugs and narcotics.

This has, however, been debated and faulted by many stakeholders on whether or not President Bola Tinubu should accent the bill.

On Saturday, some legal practitioners expressed different opinions on the debate over the bill. Some of them urged President Bola Tinubu not to assent to the bill passed by the Senate while others pressed for it to be signed into law.

Some of the lawyers stressed that the death penalty was not a solution to drug trafficking and other drug-related offences in the country.

The National Emergency Management Agency (NEMA) has confirmed the arrival of 150 stranded Nigerians repatriated from the Chad Republic.

The agency, in a statement on Wednesday, said the repatriated Nigerians include 71 children, 48 females, eight infants, and 23 men.

It said the evacuated Nigerians arrived at the Muritala Muhammed International Airport, Lagos, on Tuesday at about 8:30 pm.

“The Nigerians were assisted back in a voluntary repatriation exercise programme by the United Nations International Organisation for Migration (UN’IOM) on Tuesday, 14th, 2024,” the agency said.

“The flight Air Cargo with registration number SU-BUR landed at the cargo wing of Muritala Muhammed International Airport, Ikeja, at about 2030 hours.

“The profiles of the returnees indicate that 23 males, 48 females, 71 children, and 8 infants arrived in Nigeria aboard the flight.

“Some of the returnees demonstrated their joy at the success of their return back to Nigeria. Agencies on the ground to receive the Nigerians were NEMA, Immigration Services, Nigeria Port Health Services, FAAN, and the Nigeria Refugee Commission.”

Last year, 104 stranded Nigerians were repatriated from N’Djamena, the capital of the Chad Republic.