The Economic and Financial Crimes Commission (EFCC) has warned foreign missions operating in Nigeria to cease conducting transactions in foreign currencies.
News About Nigeria reports that the commission have directed them to henceforth use the Naira for their financial activities.
This move is aimed at combating the dollarization of the Nigerian economy and the devaluation of the Naira.
In an advisory sent to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, the EFCC expressed its concerns and dissatisfaction with the practice of some foreign missions invoicing consular services to Nigerians and other foreign nationals in the country using the United States dollar.
The EFCC referred to Section 20(1) of the Central Bank of Nigeria Act, 2007, which designates the currencies issued by the central bank as the only legal tender in Nigeria.
The commission said that any transaction in currencies other than the Naira contravenes the law and is therefore illegal.
“This presupposes that any transaction in currencies other than the naira anywhere in Nigeria contravenes the law and is, therefore, illegal.
“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.”
The EFCC has also instructed Nigerian foreign missions located abroad to accept the Naira for their financial operations. This move is aimed at promoting the use of the Naira and reducing the pressure on the currency.
Recently, the EFCC announced its plan to clamp down on schools, hotels, supermarkets, and other business outfits in Nigeria that charge customers in dollars and other foreign currencies.
The commission described such actions as unacceptable and illegal, as they put pressure on the Naira.
