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EFCC Takes Action Against Dollar Transactions, Urges Embassies to Use Naira |
The EFCC cited Section 20(1) of the Central Bank of Nigeria Act, 2007, which designates the currency issued by the apex bank as the sole legal tender within Nigeria.
The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to foreign missions operating in Nigeria, prohibiting them from conducting transactions in foreign currencies. Instead, the EFCC mandates the use of the Nigerian Naira for their financial operations.
Furthermore, Nigerian foreign missions located abroad have been instructed to accept payments in Naira.
This move by the EFCC aims to address the dollarization of Nigeria's economy and the devaluation of the Naira.
In an advisory addressed to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, titled "EFCC Advisory to Foreign Missions against Invoicing in US Dollar," the anti-graft commission expressed concern about the practice of some foreign missions invoicing consular services to Nigerians and other foreign nationals in United States dollars.
The EFCC cited Section 20(1) of the Central Bank of Nigeria Act, 2007, which designates the currency issued by the apex bank as the sole legal tender within Nigeria.
The letter emphasized that any transaction conducted in currencies other than the Naira within Nigeria is in violation of the law and is therefore illegal.
The commission also highlighted that refusing to accept Naira for consular services within Nigeria, as well as non-compliance with foreign exchange regulations in determining service costs, not only constitutes illegality but also challenges the country's sovereignty represented by its national currency.
The EFCC further asserted that this situation undermines Nigeria's monetary policy and its pursuit of sustainable economic development.
In light of these concerns, the EFCC urges all foreign missions in Nigeria to align their operations with existing laws and regulations.
Regarding recent actions, the EFCC has resumed raids in an effort to stabilize the Naira. During a recent operation, operatives arrested Bureau De Change operators at the popular Wuse Zone 4 market in the Federal Capital Territory, Abuja. However, some BDC operators resisted the arrest, resulting in gunshots and damage to the operatives' vehicles.
In previous weeks, the commission also apprehended over 35 suspected currency speculators for alleged foreign exchange fraud and paraded more than 20 BDC operators arrested in the capital city.
