Alex Omenye
The Economic and Financial Crimes Commission has taken a decisive step to halt the dollarization of Nigeria’s economy and safeguard the value of the Naira by prohibiting foreign missions from conducting transactions in foreign currencies.
In a letter addressed to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, titled “EFCC Advisory to Foreign Missions against Invoicing in US Dollar,” the EFCC expressed concern over the invoicing of consular services in dollars by some foreign missions in Nigeria.
The commission cited Section 20(1) of the Central Bank of Nigeria Act, 2007, which designates currencies issued by the apex bank as the sole legal tender in Nigeria.
Any transaction in currencies other than the Naira within Nigeria is deemed illegal under this provision.
According to the EFCC Chairman, Ola Olukoyede, the refusal of some missions to accept the Naira for consular services and adhere to foreign exchange regulations undermines Nigeria’s sovereignty and monetary policy, hindering economic development.
In response to this, the EFCC urged the Minister of Foreign Affairs to convey its displeasure to all missions in Nigeria and emphasize Nigeria’s expectation for their operations to comply with national laws and regulations.
Meanwhile, the EFCC has resumed raids to stabilize the Naira, resulting in the arrest of Bureau De Change operators in Abuja’s Wuse Zone 4 market. Despite resistance from some operators, the EFCC remains committed to sanitizing the market and eliminating illicit currency trading.
Recent arrests of suspected currency speculators and BDC operators underscore the EFCC’s determination to combat foreign exchange fraud and ensure compliance with regulatory measures.
