EFCC Stops Dollar Transactions, Mandates Embassies to Charge in Naira

The Economic and Financial Crimes Commission (EFCC) has mandated all foreign missions based in Nigeria to use Naira in their transactions.

The commission hereby barred all foreign missions based in Nigeria from transacting in foreign currencies, and also mandated Nigerian foreign missions domiciled abroad to accept Naira in their financial businesses.

The move is to tackle the dollarisation of the Nigerian economy and the degradation of the naira, EFCC says.

The Commission, therefore, asked the government to stop foreign missions in Nigeria from charging visa and other consular services in foreign denominations.

The EFCC gave the advisory in a letter conveyed to the Minister of Foreign Affairs, Amb. Yusuf Tuggar, for onward transmission to all foreign missions in the country.

In the letter, the EFCC said it issued the advisory because the practice of paying for consular services in dollars was in conflict with extant laws and financial regulations in Nigeria.

The letter dated April 5, 2024 was addressed to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar and titled: “EFCC Advisory to Foreign Missions against Invoicing in US Dollar and it reads

“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 ($).

“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.”

The commission further stated that the rejection of the naira for consular services in Nigeria by certain missions, along with non-compliance with foreign exchange regulations in determining service costs, is not just unlawful but also undermines the nation’s sovereignty embodied in its official currency.

“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.”

Although, no embassies are yet to comply with the advisory as contained in the letter conveyed to the ministry of foreign affairs by the ant-graft agency.

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