The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to foreign missions in Nigeria, prohibiting them from transacting in foreign currencies and mandating the use of Naira in their financial dealings.
This move aims to combat the “dollarisation” of the Nigerian economy and the degradation of the Naira.
In an advisory to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, the EFCC expressed “reservations and displeasure regarding the unhealthy practice by some foreign missions to invoice consular services to Nigerians and other foreign nationals in the country in United States dollar(s).”
The EFCC chairman, Ola Olukoyede, stated that invoicing consular services in dollars is “an aberration and unlawful” as it conflicts with extant laws and financial regulations.
He emphasized that any transaction in currencies other than the Naira is illegal, citing Section 20(1) of the Central Bank of Nigeria Act, 2007, which declares the Naira as the sole legal tender in Nigeria.
The letter read, “I present to you the compliments of the Economic and Financial Crimes Commission, and wish to notify you about the commission’s observation, with dismay, regarding the unhealthy practice by some foreign missions to invoice consular services to Nigerians and other foreign nationals in the country in United States dollar ($).”
The EFCC added that the refusal by some missions to accept the Naira for consular services and comply with foreign exchange regulations is an affront to Nigeria’s sovereignty and undermines the country’s monetary policy and economic development aspirations.
The commission has taken action, arresting Bureau De Change operators and suspected currency speculators in recent raids.
The EFCC spokesperson, Dele Oyewale, declined to comment on the matter.
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