In a new directive, the Economic and Financial Crimes Commission (EFCC) has warned foreign missions in Nigeria against conducting transactions in foreign currencies, insisting on the use of the Naira for financial activities.
Nigerian embassies abroad have also been instructed to accept Naira in their financial dealings.
This decision comes as the EFCC aims to combat the widespread use of the dollar in Nigeria’s economy, which has contributed to the depreciation of the Naira.
Expressing concern, the EFCC addressed an advisory to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, titled: “EFCC Advisory to Foreign Missions against Invoicing in US Dollar.”
This advisory criticized the practice of some foreign missions invoicing consular services in dollars to Nigerians and other nationals in the country.
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The EFCC Chairman, Ola Olukoyede, emphasized the illegality of such actions, citing Section 20(1) of the Central Bank of Nigeria Act, 2007, which designates currencies issued by the apex bank as the only legal tender in Nigeria.
Beyond Boders further reports that the EFCC condemned the refusal by some missions to accept Naira for consular services and comply with foreign exchange regulations, deeming it a challenge to Nigeria’s sovereignty.
The commission emphasized that such actions undermine Nigeria’s monetary policies and its economic development objectives.
The EFCC declined to comment further when contacted, while it resumed raids aimed at stabilizing the Naira. In a recent operation in Abuja’s Wuse Zone 4 market, Bureau De Change operators were arrested, although some resisted, leading to altercations with EFCC operatives.
These raids are part of the EFCC’s efforts to curb currency speculation and unauthorized trading, following the recent arrest of over 35 suspected currency speculators for alleged foreign exchange fraud.
