EFCC Halts Dollar Transactions in Embassies, Demands Naira Acceptance

The Economic and Financial Crimes Commission (EFCC) has issued a warning to foreign missions in Nigeria, instructing them to conduct financial transactions in Naira instead of foreign currencies, as mandated by Nigerian law.

The EFCC emphasized that this move is crucial to combat the dollarization of the economy and preserve the value of the Naira.

In an advisory to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, the EFCC expressed concern over some foreign missions invoicing consular services in US dollars, which contradicts Nigerian financial regulations.

The commission cited Section 20(1) of the Central Bank of Nigeria Act, 2007, which establishes the Naira as the only legal tender in the country.

The EFCC highlighted that refusing to accept Naira for consular services undermines Nigeria’s sovereignty and economic policies, hindering sustainable development.

The commission urged the Minister of Foreign Affairs to convey their displeasure to all missions operating in Nigeria and ensure compliance with Nigerian laws.