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The Economic and Financial Crimes Commission has issued a stern warning to foreign missions in Nigeria, prohibiting them from using foreign currencies and requiring them to use the Naira for their financial transactions.
Similarly, Nigerian foreign missions abroad must now accept Naira for their financial activities.
This measure aims to combat the widespread use of the dollar in Nigeria’s economy and the depreciation of the Naira.
In an April 5, 2024, letter to the Minister of Foreign Affairs, Ministry of Foreign Affairs, EFCC Chairman Ola Olukoyede criticised the practice of foreign missions in Nigeria invoicing consular services in dollars.
The EFCC referenced Section 20(1) of the Central Bank of Nigeria Act, 2007, which stipulates that only currencies issued by the apex bank are legal tender in Nigeria.
As quoted by Punch, the letter reads, “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 stated that the rejection of the Nigerian Naira for consular services by certain missions, along with their failure to adhere to foreign exchange regulations when determining service costs, is not just against the law but also undermines the sovereignty of the country, as reflected by its national currency.
When contacted for comments, the spokesperson for the EFCC, Dele Oyewale, declined comments.
Meanwhile, the EFCC had resumed raiding to stabilise the Naira.
Operatives of the EFCC had on Tuesday arrested some Bureau De Change operators at the popular Wuse Zone 4 market in the Federal Capital Territory, Abuja.
However, traders also said some BDC operators resisted arrest during sting operations.
The operatives had embarked on routine raids to sanitise the market of street traders and eliminate arbitrary trading.
But this move was resisted on Tuesday, leading to gunshots and damage to the operatives’ vehicles.
In the penultimate week, the commission arrested over 35 suspected currency speculators for alleged foreign exchange fraud.