The Federal Government of Nigeria may clampdown on schools in Nigeria charging school fees in foreign currencies.
The move is towards safeguarding the value of the naira and boosting the Nigerian economy.
Speaking in Abuja at the Nigeria Gold Day of the 10th edition of the Nigeria Mining Week, the Minister of Solid Minerals Development, Dr Dele Alake, lamented the growing trend of schools in Nigeria charging school fees in foreign currencies.
Stressing that the practice is not healthy for the Nigerian economy, he such schools should be closed down.
The Minister stated "It's only in this country that I see so many contradictory things."
Dr. Alake said that Nigeria also plans to hold its foreign reserves in local gold.
According to him, this process will go a long way to shore up the value of the naira and improve the Nigerian economy.
He said “This initiative allows us to purchase gold from local artisanal miners using naira, instead of sourcing dollars to buy gold internationally.
"But you know what gold is? Gold is an international currency. You can change it to anything, any currency. Once acquired, the gold goes straight into the Central Bank of Nigeria’s reserves.
"It’s one of the fastest and smartest ways to grow our foreign reserves. We are going to pursue it with vigour. Because the gold is sourced locally, there is no need to spend foreign exchange.
"Miners and workers are paid in naira, which circulates within our economy. It’s a win-win for the government, the miners, and the economy. We are pursuing this initiative with vigor and determination.
"The President understands that real growth comes from production, not importation. With local gold reserves, Nigeria can strengthen its currency, create jobs, and build sustainable wealth.” he stated
The Executive Secretary of the Solid Minerals Development Fund (SMDF), Hajiya Fatima Umaru Shinkafi, spoke against speculative mining practices at the occasion.
She said that the sector should be run on data, science and long term strategies.
Commending the Minister of Solid Minerals Development, she said “The confidence investors are showing is a direct result of the Minister’s policy direction and the government’s commitment to responsible mining.”