The Economic and Financial Crimes Commission (EFCC) revealed, as it discloses certain foreign missions operating in Nigeria, who are dealing in illegal transaction of foreign currencies, by employing intermediaries to conduct an action deemed unlawful under Nigerian laws. Wilson Uwujaren, the spokesperson for the EFCC, disclosed during an interview on The Morning Show on Arise Television that these missions had engaged third parties to manage consular services, resulting in invoicing in dollars, a practice found to be in breach of Nigerian statutes.
In response to this revelation, on May 11, 2024, the EFCC issued an advisory letter titled “EFCC Advisory to Foreign Missions against Invoicing in US Dollars” to the Minister of Foreign Affairs, Yusuf Tuggar, advising foreign missions against engaging in transactions using foreign currencies and requiring adherence to the Nigerian naira. However, Uwujaren clarified that while the EFCC lacked the authority to dictate or prohibit the financial practices of foreign missions, it felt compelled to address the illegality of transacting in foreign currencies within Nigeria.
Uwujaren stressed that the primary objective of the EFCC’s advisory was to apprise the Ministry of Foreign Affairs, responsible for liaising with foreign missions, of the observed conflicting practices. He reiterated the EFCC’s dedication to dissuading the dollarization of transactions in Nigeria and reiterated the implementation of enforcement measures aimed at curtailing currency abuse and illegal forex activities nationwide. Additionally, the EFCC encouraged Nigerians to report any instances of businesses or individuals charging in dollars rather than the naira to uphold legal financial standards in the country.
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