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EFCC Directs Foreign Missions And Nigerian Embassies To Cease Dollar Transactions, Mandates Naira Usage
EFCC Directs Foreign Missions And Nigerian Embassies To Cease Dollar Transactions, Mandates Naira Usage
The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to foreign missions in Nigeria, prohibiting them from conducting transactions in foreign currencies and mandating the use of the Naira in their financial dealings.....KINDLY READ THE FULL STORY HERE▶
The EFCC has further instructed Nigerian embassies abroad to accept Naira in their financial transactions.
This directive aims to combat the dollarization of the Nigerian economy and safeguard the integrity of the Naira.
In an advisory addressed to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, entitled “EFCC Advisory to Foreign Missions against Invoicing in US Dollar,” the anti-graft commission expressed concern and disapproval regarding the practice of some foreign missions invoicing consular services to Nigerians and other foreign nationals in the country in United States dollars (USD).
In a letter dated April 5, 2024, sent to the Ministry of Foreign Affairs, EFCC Chairman, Ola Olukoyede, expressed dismay over the invoicing of consular services in Nigeria by foreign missions in USD, citing Section 20(1) of the Central Bank of Nigeria Act, 2007, which designates currencies issued by the apex bank as the sole legal tender in Nigeria.
The commission emphasized that any transaction conducted in currencies other than the Naira within Nigeria contravenes the law and is therefore illegal.
EFCC highlighted that the refusal of some missions to accept the Naira for consular services in Nigeria and comply with the foreign exchange regulatory regime undermines Nigeria’s sovereignty represented by the national currency.
Such actions, according to EFCC, not only violate Nigeria’s monetary policy but also hinder the country’s aspiration for sustainable economic development.
The commission urged the Ministry of Foreign Affairs to convey its dissatisfaction to all missions in Nigeria and reiterate Nigeria’s expectation for their operations to align with existing laws and regulations in the country.
When approached for comments, EFCC spokesperson Dele Oyewale declined to provide further information.
Meanwhile, EFCC has resumed raids as part of efforts to stabilize the Naira. Recently, EFCC operatives arrested several Bureau De Change operators at the Wuse Zone 4 market in Abuja, following resistance during a sting operation.
These raids aim to sanitize markets from street traders and combat illicit trading practices. In recent weeks, EFCC has intensified efforts to combat currency speculation and foreign exchange fraud, arresting numerous individuals involved in such activities.
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