The Economic and Financial Crimes Commission has prohibited foreign missions in Nigeria from transacting in foreign currencies and mandated the use of Naira in their financial transactions.
The EFCC has also mandated Nigerian foreign missions abroad to accept Naira in their financial transactions.
According to EFCC, the measure aims to address the dollarization of the Nigerian economy and the devaluation of the Naira.
EFCC had issued an advisory to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, expressing concern and disapproval over the practice of some foreign missions invoicing consular services in US dollars. The advisory, titled “EFCC Advisory to Foreign Missions against Invoicing in US Dollar,” highlights the commission’s reservations and displeasure with this practice, which affects Nigerians and other foreign nationals in the country.
In a letter dated April 5, 2024, which was addressed to the Minister of Foreign Affairs, Ministry of Foreign Affairs, the EFCC Chairman, Ola Olukoyede expressed dismay over the invoicing of consular services in Nigeria by foreign missions in dollars.
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 ($).
“This practice is an aberration and unlawful as it conflicts with extant laws and financial regulations in Nigeria. Section 20(1) of the Central Bank of Nigeria Act, 2007 makes currencies issued by the apex bank the only legal tender in Nigeria.
“It states that ‘the currency notes issued by the Bank shall be the legal tender in Nigeria on their face value for the payment of any amount’.
“This presupposes that any transaction in currencies other than the naira anywhere in Nigeria contravenes the law and is, therefore, illegal.”
“This trend can no longer be tolerated, especially in a volatile economic environment where the country’s macroeconomic policies are constantly under attack by all manner of state and non-state actors.
“In light of the above, you may wish to convey the commission’s displeasure to all missions in Nigeria and restate Nigeria’s desire for their operations not to conflict with extant laws and regulations in the country.”
According to PUNCH report, when the spokesperson for the EFCC, Dele Oyewale was contacted for comments, he declined.
