 |
| EFCC: Foreign Embassies in Nigeria Must Conduct Transactions Solely in Naira |
The commission believes that these measures will aid in the fight against the dollarization of the Nigerian economy and the devaluation of the Naira.
The Economic and Financial Crimes Commission (EFCC) has mandated that transactions at foreign embassies within Nigeria must be conducted exclusively in the Nigerian local currency, the Naira.
Furthermore, the commission has prohibited the use of the US dollar for business dealings and the settlement of other services at these foreign missions.
These directives were communicated in a letter dated April 5, 2024, sent to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, and the Ministry of Foreign Affairs.
The EFCC has also instructed Nigerian foreign missions overseas to conduct their financial operations in Naira.
The commission believes that these measures will aid in the fight against the dollarization of the Nigerian economy and the devaluation of the Naira.
In the correspondence, EFCC Chairman Ola Olukoyede articulated his concern regarding the practice of some foreign missions in Nigeria invoicing consular services in US dollars.
Olukoyede stated: "The Economic and Financial Crimes Commission extends its regards and wishes to bring to your attention the commission's concern about the inappropriate practice of certain foreign missions billing consular services in United States dollars to Nigerians and other foreign nationals residing in Nigeria.
"Such practices are irregular and illegal, as they are in conflict with the established laws and financial regulations of Nigeria. According to Section 20(1) of the Central Bank of Nigeria Act, 2007, only the currency issued by the central bank is recognized as legal tender in Nigeria.
"The Act specifies that 'the currency notes issued by the Bank shall be legal tender in Nigeria at their face value for the payment of any amount.'
"Consequently, any transactions in currencies other than the Naira within Nigeria are in violation of the law and are thus illegal."
