EFCC Issues Directive: Nigerian Foreign Missions to Accept Naira Only

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

The EFCC has further directed Nigerian foreign missions abroad to accept Naira for their financial transactions.

This directive aims to combat the dollarization of the Nigerian economy and safeguard the value of the Naira.

Expressing dissatisfaction with the invoicing of consular services in dollars by some foreign missions in Nigeria, the EFCC emphasized the illegality of such practices, citing the Central Bank of Nigeria Act, 2007, which designates the Naira as the only legal tender in the country.

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The commission highlighted that any transactions conducted in currencies other than the Naira within Nigeria violate the law and are therefore unlawful.

The EFCC conveyed its concerns to the Minister of Foreign Affairs through a letter, dated April 5, 2024, expressing disappointment over the invoicing of consular services in dollars.

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The commission stressed that the refusal by some missions to accept Naira for their services not only contravenes the country’s laws but also challenges Nigeria’s sovereignty represented by its national currency.

Moreover, the EFCC stated that such practices undermine Nigeria’s monetary policy and its pursuit of sustainable economic development.

The commission called for compliance with existing laws and regulations, urging the missions to align their operations with Nigeria’s legal framework.

While the EFCC declined to provide further comments, it has resumed raids to stabilize the Naira. Recent operations targeted Bureau De Change operators in Abuja, resulting in the arrest of suspects for alleged foreign exchange fraud.

Despite resistance during these operations, the EFCC remains committed to combating illegal currency trading and maintaining economic stability.