FG proposes 2-year jail term for Nigerians hoarding dollars

The federal government is seeking to jail and fine people who hold dollars in cash for more than 30 days.

A draft published on the website of the Nigerian Law Reform Commission revealed that the government is seeking to amend Nigeria’s foreign exchange act.

According to the draft, the central bank will gain more power to control in and out flow of foreign currencies, especially the dollar in the wake of a foreign currency crisis.

It also proposes up to two years jail term or a fine of up to 20 percent of the amount being held for up to 30 days.

The draft says the measure is “for effective monitoring and control, and to ensure probity in foreign exchange transactions in Nigeria,” as existing law on foreign exchange is is currently “narrow in scope”.

There has been a major clamp down on dealers of forex in the black market.

Last week, officials of Department of State Security (DSS) arrested hawkers of foreign currency in Kano and Anambra.