The Economic and Financial Crimes Commission (EFCC) has issued a directive barring foreign missions operating in Nigeria from conducting transactions in foreign currencies, mandating the use of the Naira for their financial operations. Additionally, Nigerian foreign missions abroad have been instructed to accept Naira for their financial transactions.
This measure is aimed at addressing the dollarization of the Nigerian economy and safeguarding the value of the Naira. The EFCC has urged the government to ensure that foreign missions within Nigeria refrain from charging fees for visa and other consular services in foreign currencies.
In a letter addressed to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, dated April 5, 2024, titled “EFCC Advisory to Foreign Missions against Invoicing in US Dollar,” EFCC Chairman, Ola Olukoyede, expressed concern over the practice of invoicing consular services in dollars by some foreign missions. The commission highlighted 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.
The EFCC emphasized that any transaction conducted in currencies other than the Naira within Nigeria contravenes the law and is deemed illegal. The rejection of the Naira for consular services, coupled with non-compliance with foreign exchange regulations in determining service costs, was described as not only unlawful but also as undermining Nigeria’s sovereignty.
In response to the situation, the EFCC urged the Minister of Foreign Affairs to communicate the commission’s concerns to all foreign missions in Nigeria, emphasizing Nigeria’s commitment to upholding existing laws and regulations.
While some embassies have expressed uncertainty regarding whether the EFCC’s advisory reflects the official stance of the Federal Government, the directive underscores the importance of adhering to Nigerian laws and regulations in financial transactions within the country.
