The Economic and Financial Crimes Commission (EFCC) has issued a directive banning foreign missions based in Nigeria from transacting in foreign currencies and mandating the use of Naira in their financial businesses.
This move aims to tackle the dollarisation of the Nigerian economy and the degradation of the Naira.
In an advisory to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, titled “EFCC Advisory to Foreign Missions against Invoicing in US Dollar,” the EFCC expressed concern over the invoicing of consular services to Nigerians and other foreign nationals in the country in United States dollars.
In a letter dated April 5, 2024, addressed to the Minister of Foreign Affairs, the EFCC Chairman, Ola Olukoyede, cited Section 20(1) of the Central Bank of Nigeria Act, 2007, which makes currencies issued by the apex bank the only legal tender in Nigeria.
The EFCC emphasized that any transaction in currencies other than the Naira contravenes the law and is illegal.
The commission stated that the refusal by some missions to accept the Naira for consular services in Nigeria and comply with the foreign exchange regulatory regime undermines Nigeria’s monetary policy and economic development aspirations.
The EFCC urged the Minister of Foreign Affairs to convey the commission’s displeasure to all missions in Nigeria and to ensure their operations do not conflict with extant laws and regulations in the country.
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The EFCC’s move comes amidst efforts to stabilize the Naira, including recent raids on Bureau De Change operators. These raids are part of the EFCC’s efforts to sanitize the market and eliminate arbitrary trading.
While the EFCC’s spokesperson, Dele Oyewale, declined to comment, the commission has arrested over 35 suspected currency speculators for alleged foreign exchange fraud in recent weeks.
