NIMASA Clears Air on CVFF Currency Status 

The Nigerian Maritime Administration and Safety Agency (NIMASA) has debunked the allegation circulating in some section of the media that the currency status of Cabotage Vessel Financing Fund (CVFF) has been converted from dollars to naira.

Clarifying the assertion made by a former Director-General of the Agency, Temisan Omatseye, at a recent Maritime Journalists event, that CVFF was no longer in dollars, NIMASA, under the leadership of Dr. Dayo Mobereola affirmed that the statement does not reflect the actual currency status of the funds.

Dr. Mobereola stated that the claim of CVFF being converted from dollars to naira to earn higher interest rates is incorrect.

He explained that the revenue streams accruing to the CVFF are denominated in different currencies and accordingly, funds remitted in United States dollars are retained in dollars with the Central Bank of Nigeria (CBN), while those remitted in naira are retained in the local currency.

“There has been no conversion of the dollar-denominated component of the CVFF to naira, contrary to the allegation,” the DG stressed.

Mobereola explained further that the Minister of Marine and Blue Economy, Honourable Adegboyega Oyetola, CON, is working assiduously towards ensuring the imminent disbursement of the Fund to qualified beneficiaries.

According to him, the Agency has received applications from eligible beneficiaries, some of whom are currently undergoing the required documentation processes with their preferred Primary Lending Institutions (PLIs).

“NIMASA remains optimistic that the disbursement process will commence shortly.

“The Honourable Minister’s commitment to ensuring the disbursement of the CVFF is consistent with the Renewed Hope Agenda of President Bola Ahmed Tinubu, which seeks to strengthen indigenous capacity, empower local operators and enhance the competitiveness of Nigeria’s maritime industry.

“In view of the foregoing, maritime stakeholders, industry operators and members of the public are advised to disregard the misleading reports suggesting that the CVFF has been converted from dollars to naira,” Mobereola maintained.