The Economic and Financial Crimes Commission (EFCC) has issued a directive prohibiting foreign embassies operating in Nigeria from making financial transactions in foreign currencies. The anti-graft agency has mandated that these missions use Nigerian Naira for all financial transactions within the country.
Furthermore, the EFCC has asked Nigerian diplomatic missions operating overseas to only take payments in the national Naira currency.
In a letter addressed to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, the EFCC cited its move as a measure to tackle the dollarization of the Nigerian economy and the degradation of the naira’s value.
The Commission specifically called on the government to stop foreign missions operating in Nigeria from charging for visa services and other consular fees in foreign currency denominations like the US Dollar.
The EFCC chairperson, Ola Olukoyede, expressed dismay over the practice of foreign missions invoicing consular services to Nigerians and other nationals in US dollars, stating it violates existing financial laws and regulations.
Olukoyede referenced Section 20(1) of the Central Bank of Nigeria Act of 2007, which establishes the Naira issued by the apex bank as the sole legal tender currency within Nigeria’s borders.
The agency views the rejection of the Naira by some missions, coupled with non-compliance on foreign exchange regulations for determining service costs, as not just unlawful but an undermining of Nigeria’s sovereignty represented by 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,” the letter warned missions.
It instructed the Foreign Affairs Minister to convey the EFCC’s stance to all foreign missions, reiterating Nigeria’s desire that their operations do not conflict with the nation’s laws and regulations.
Diplomatic sources have indicated some embassies are seeking clarity on whether the EFCC’s directive reflects the official position of the Nigerian government.
