The federal government of Nigeria is seeking to fine and give 2-year jail term for people hoarding dollars in cash for more than 30 days.
A draft published on the website of the Nigerian Law Reform Commission (NLRC) revealed that the government is seeking to amend Nigeria’s foreign exchange act.
The draft stated that the central bank will gain more power to control in and outflow of foreign currencies, especially the dollar in the wake of a foreign currency crisis
It also proposes up to 2-year jail term or a fine of up to 20% of the amount being held for up to 30 days.
According to the draft, 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 currently “narrow in scope.”
There has been a major clamp down on dealers of FOREX in the black market.
Recently, officials of Department of State Security (DSS) arrested hawkers of foreign currency in Anambra and Kano.