The Economic and Financial Crimes Commission (EFCC) has issued a directive to foreign missions and Nigerian embassies, mandating the use of Naira instead of foreign currencies in their financial transactions. This move is aimed at combating the dollarization of the Nigerian economy and safeguarding the value of the Naira.
Expressing dissatisfaction with the practice of invoicing consular services in United States dollars ($), the EFCC emphasized that such actions conflict with existing laws and financial regulations in Nigeria. According to Section 20(1) of the Central Bank of Nigeria Act, only currencies issued by the apex bank are recognized as legal tender in Nigeria.
In a letter dated April 5, 2024, addressed to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, the EFCC Chairman, Ola Olukoyede, highlighted the illegality of invoicing consular services in dollars and urged foreign missions to comply with Nigerian laws and regulations.
The commission emphasized that the refusal to accept Naira for consular services and the failure to adhere to foreign exchange regulatory frameworks not only violate the law but also undermine Nigeria’s sovereignty and economic stability.
The EFCC reiterated Nigeria’s desire for foreign missions to align their operations with local laws and regulations, emphasizing the need for compliance to ensure sustainable economic development.
While the EFCC declined to comment further on the matter, recent raids by the commission in popular markets, including Wuse Zone 4 market in Abuja, targeted Bureau De Change operators involved in alleged foreign exchange fraud. These efforts are part of the EFCC’s broader strategy to stabilize the Naira and combat illegal currency trading activities.
