EFCC stops dollar transactions, asks embassies to charge in naira

The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to foreign missions in Nigeria, prohibiting them from conducting financial transactions in foreign currencies and mandating the use of the Naira.

Additionally, Nigerian foreign missions abroad are required to accept Naira in their financial dealings.

This move aims to combat the dollarization of the Nigerian economy and the devaluation of the Naira.

In an advisory letter to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, the EFCC expressed its disapproval of the practice of invoicing consular services in US dollars.

The letter, dated April 5, 2024, cited Section 20(1) of the Central Bank of Nigeria Act, 2007, which states that only currencies issued by the apex bank are legal tender in Nigeria.

The EFCC Chairman, Ola Olukoyede, expressed dismay over the practice, emphasizing that it conflicts with extant laws and financial regulations in Nigeria.

The letter reads: “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 directive aims to promote the use of the Naira and maintain the integrity of Nigeria’s financial system.