The Economic and Financial Crimes Commission (EFCC) has issued a stern directive to foreign missions operating in Nigeria, mandating them to conduct all financial transactions in the local currency, the naira.
In a letter addressed to the Ministry of Foreign Affairs, EFCC Chairman, Ola Olukoyede, emphasized the imperative for Nigerian embassies abroad to adhere strictly to this new policy. This move is part of a broader effort to curtail the prevalent use of foreign currencies, particularly the US dollar, within Nigeria’s economic landscape and to stabilize the value of the naira.
The EFCC expressed concern over the widespread practice among some foreign missions of invoicing consular services to Nigerians and other foreign nationals in US dollars. This practice, deemed illegal by the commission, violates Nigerian laws and financial regulations.
Citing Section 20(1) of the Central Bank of Nigeria Act of 2007, which designates the naira as the sole legal tender in the country, the EFCC underscored that transactions conducted in currencies other than the naira are unlawful and contravene established regulations.
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