EFCC’s Directive to Foreign Missions
The EFCC, in a recent directive, instructed foreign missions in Nigeria to cease using foreign currencies and solely adopt the Naira for financial transactions. This move aims to bolster Nigeria’s currency and curtail the dominance of foreign currencies in its economy.
Foreign missions are mandated to adhere strictly to this directive, both within Nigeria and in their operations abroad. By enforcing the use of the Naira, the EFCC seeks to stabilize the country’s economy and uphold its financial sovereignty. This directive underscores the EFCC’s commitment to safeguarding Nigeria’s financial integrity and ensuring compliance with its monetary regulations. It signals a firm stance against the dollarization of Nigeria’s economy.
This directive also extends to Nigerian foreign missions abroad, requiring them to accept Naira for all financial transactions.
Addressing Dollarization Concerns
The EFCC emphasized that it aims to combat the prevalence of the dollar in Nigeria’s economy and mitigate Naira devaluation. Consequently, in a communication addressed to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, titled “EFCC Advisory to Foreign Missions against Invoicing in US Dollar,” the commission expressed apprehensions regarding the practice of certain foreign missions invoicing consular services to Nigerians and other foreign nationals in U.S. dollars.
EFCC’s Disapproval
Furthermore, in a letter dated April 5, 2024, and addressed to the Ministry of Foreign Affairs, EFCC Chairman Ola Olukoyede expressed dismay over the billing of consular services in Nigeria by foreign missions using dollars. The EFCC referenced Section 20(1) of the Central Bank of Nigeria Act, 2007, which specifies currencies issued by the apex bank as the sole legal tender in Nigeria.
Urging Compliance
The commission emphasized that all currency transactions conducted within Nigeria must adhere strictly to existing laws and financial regulations, clarifying that transactions in currencies other than the Naira are unlawful. It underscored that the refusal of certain missions to accept the Naira for consular services in Nigeria and comply with the country’s foreign exchange regulatory framework not only contravenes the law but also challenges the sovereignty of Nigeria, as represented by its national currency.
Implications and Warning
Additionally, the EFCC cautioned that these actions undermine Nigeria’s monetary policies and hinder its progress toward sustainable economic development. Consequently, it urged the Ministry of Foreign Affairs to convey the commission’s dissatisfaction to all missions in Nigeria and reiterate Nigeria’s expectation for their operations to align with prevailing laws and regulations in the country.
Operational Resumption and Recent Raids
Meanwhile, when contacted for further comments, EFCC spokesperson Dele Oyewale declined to provide additional information. Additionally, the EFCC has resumed its raids as part of efforts to stabilize the Naira. In Abuja’s Wuse Zone 4 market, EFCC agents apprehended multiple Bureau De Change operators, sparking resistance and gunfire. Incidents of resistance resulted in vehicle damage during the arrests, which followed previous apprehensions linked to currency fraud.
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