Business

EFCC Halts Dollar Transactions, Asks Embassies To Charge In Naira

This initiative aims to address the dollarization of Nigeria’s economy and the devaluation of the Naira, according to the EFCC.

By Johnson Atoukudu

The Economic and Financial Crimes Commission has issued a stern warning to foreign missions operating in Nigeria, prohibiting them from conducting transactions in foreign currencies and requiring them to use the Naira for their financial activities.

Additionally, Nigerian foreign missions abroad have been instructed to accept Naira for their financial operations.

This initiative aims to address the dollarization of Nigeria’s economy and the devaluation of the Naira, according to the EFCC.

The anti-graft commission, in an advisory to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, titled: “EFCC Advisory to Foreign Missions against Invoicing in US Dollar,” expressed reservations and displeasure “regarding the unhealthy practice by some foreign missions to invoice consular services to Nigerians and other foreign nationals in the country in United States dollar(s).”

In a letter dated April 5, 2024, addressed to the Minister of Foreign Affairs at the Ministry of Foreign Affairs, Ola Olukoyede, Chairman of the EFCC, expressed concern regarding the billing of consular services in Nigeria by foreign missions using dollars. The EFCC referenced Section 20(1) of the Central Bank of Nigeria Act, 2007, which designates currencies issued by the central bank as the sole legal tender in Nigeria.

The letter read, “I present to you the compliments of the Economic and Financial Crimes Commission, and wish to notify you about the commission’s observation, with dismay, regarding the unhealthy practice by some foreign missions to invoice consular services to Nigerians and other foreign nationals in the country in United States dollar ($).

“This practice is an aberration and unlawful as it conflicts with extant laws and financial regulations in Nigeria. Section 20(1) of the Central Bank of Nigeria Act, 2007 makes currencies issued by the apex bank the only legal tender in Nigeria.

“It states that ‘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 presupposes that any transaction in currencies other than the naira anywhere in Nigeria contravenes the law and is, therefore, illegal.”

The commission further stated that the rejection of the Naira for consular services in Nigeria, along with non-compliance with the foreign exchange regulations in determining the cost of their services, is not only unlawful but also challenges the sovereignty of the country, as represented by its national currency.

Such a situation, EFCC added, undermines Nigeria’s monetary policy and aspiration for sustainable economic development.

The letter continued, “This trend can no longer be tolerated, especially in a volatile economic environment where the country’s macroeconomic policies are constantly under attack by all manner of state and non-state actors.

“In light of the above, you may wish to convey the commission’s displeasure to all missions in Nigeria and restate Nigeria’s desire for their operations not to conflict with extant laws and regulations in the country.”

…………

Note : To submit Press Releases, Statements, and Advert Inquiries for publication on Waffi blog (website) or Television 📺, please use the following contact details: You can send an email to info@waffitv.com or reach us via Whatsapp at 07068286500

Related posts

Naira Slumps Against Dollar At Foreign Exchange Market

Waffi Tv

NNPC Records 157 Oil Theft Cases In Niger Delta

Waffi Tv

Bank Customers Pay N225.6bn As Charges For E-Business

Waffi Tv

Leave a Comment