The Economic and Financial Crimes Commission (EFCC) has issued a directive prohibiting foreign missions based in Nigeria from conducting transactions in foreign currencies, mandating the use of the Naira instead. This move aims to combat the dollarization of the Nigerian economy and prevent the depreciation of the Naira.
In an advisory addressed to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, titled "EFCC Advisory to Foreign Missions against Invoicing in US Dollar," the EFCC expressed concern about the practice of some foreign missions invoicing consular services to Nigerians and other foreign nationals in the United States dollar ($).
The EFCC cited 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. According to the commission, any transaction conducted in currencies other than the Naira within Nigeria is considered illegal.
The EFCC emphasized that the refusal of some missions to accept the Naira for consular services in Nigeria and comply with foreign exchange regulations not only violates the law but also challenges Nigeria's sovereignty symbolized by its national currency. This practice undermines Nigeria's monetary policy and its goal of achieving sustainable economic development.
The commission called on the Minister of Foreign Affairs to convey its displeasure to all missions in Nigeria and reiterate Nigeria's expectation for their operations to comply with existing laws and regulations.
The EFCC spokesperson, Dele Oyewale, declined to comment when contacted.
In a related development, the EFCC has resumed raids to stabilize the Naira. Recently, operatives of the EFCC arrested some Bureau De Change operators at the Wuse Zone 4 market in Abuja. However, some BDC operators reportedly resisted the arrest during a sting operation, resulting in gunshots and damage to vehicles.
In previous weeks, the EFCC arrested over 35 suspected currency speculators for alleged foreign exchange fraud and paraded over 20 BDC operators in the capital city.
