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EFCC Bans dollar transactions, Asks embassies to charge in naira

EFCC Halts dollar transactions, embassies to charge in naira

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 and mandating the use of the Naira in their financial dealings.

This directive, aimed at combatting the dollarization of the Nigerian economy and preserving the value of the Naira, also extends to Nigerian foreign missions abroad, requiring them to accept Naira in their financial transactions.

Expressing discontent with the invoicing of consular services in dollars by some foreign missions, the EFCC highlighted the illegality of such practices, citing Section 20(1) of the Central Bank of Nigeria Act, 2007, which designates the Naira as the only legal tender in Nigeria.

In a letter addressed to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, the EFCC Chairman, Ola Olukoyede, underscored the gravity of this issue, emphasizing that invoicing services in currencies other than the Naira contravenes Nigerian laws and financial regulations.

The commission asserted that the refusal of some missions to accept the Naira for consular services and comply with foreign exchange regulations undermines Nigeria’s sovereignty and monetary policies, hindering the country’s economic development.

To address this concern, the EFCC urged the Minister of Foreign Affairs to convey its dissatisfaction to all missions in Nigeria, emphasizing Nigeria’s expectation for their operations to align with local laws and regulations.

When reached for comment, the EFCC spokesperson, Dele Oyewale, declined to provide further details on the matter.

Meanwhile, in a bid to stabilize the Naira, the EFCC has resumed raids targeting currency speculators and Bureau De Change operators. Recent operations in Abuja’s Wuse Zone 4 market led to the arrest of several individuals, although some resistance was encountered during the sting operation.

These raids are part of the EFCC’s ongoing efforts to curb illegal currency trading activities and maintain the integrity of Nigeria’s financial system. Just weeks ago, over 35 suspected currency speculators were apprehended by the commission for alleged involvement in foreign exchange fraud.

This Article is Fact-Checked. See Policy.

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