The Economic and Financial Crimes Commission has firmly cautioned foreign missions in Nigeria, forbidding the use of foreign currencies and mandating the adoption of the Naira for their financial dealings.his action is intended to address the extensive reliance on the dollar in Nigeria’s economy and the devaluation of the Naira. In a letter dated April 5, 2024, addressed to the Minister of Foreign Affairs, Ministry of Foreign Affairs, EFCC Chairman Ola Olukoyede condemned the practice of foreign missions in Nigeria invoicing consular services in dollars.
he EFCC cited Section 20(1) of the Central Bank of Nigeria Act, 2007, which specifies that only currencies authorized by the apex bank are lawful tender in Nigeria.
Quoted by Punch, the letter states, “I extend to you the regards of the Economic and Financial Crimes Commission and wish to bring to your attention the commission’s dismay over the concerning trend observed in some foreign missions invoicing consular services to Nigerians and other foreign nationals in the country in United States dollars ($).
“This conduct is irregular and against the law as it clashes with existing statutes and financial regulations in Nigeria. Section 20(1) of the Central Bank of Nigeria Act, 2007 designates currencies issued by the apex bank as the sole legal tender in Nigeria.
“It explicitly states, ‘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 implies that any transaction conducted in currencies other than the naira within Nigeria violates the law and is therefore illicit.”
The commission emphasized that the refusal to accept the Nigerian Naira for consular services by certain missions, coupled with their disregard for foreign exchange regulations in determining service charges, not only violates the law but also undermines the nation’s sovereignty, as demonstrated by its national currency.
When approached for remarks, the EFCC spokesperson, Dele Oyewale, declined to comment.
In the meantime, the EFCC had resumed crackdowns to stabilize the Naira.
EFCC operatives arrested some Bureau De Change operators at the bustling Wuse Zone 4 market in the Federal Capital Territory, Abuja, on Tuesday.
Nevertheless, traders reported that some BDC operators resisted arrest during the sting operations.
The operatives had initiated regular crackdowns to cleanse the market of street traders and eradicate unauthorized trading.
However, this action faced resistance on Tuesday, resulting in gunfire and damage to the operatives’ vehicles.
During the previous week, the commission apprehended more than 35 suspected currency speculators on charges of alleged foreign exchange fraud.
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