In a recent development, the Economic and Financial Crimes Commission (EFCC) has urged the Federal Government of Nigeria to prohibit embassies from conducting transactions in foreign currencies within the country. The EFCC claims that this practice is not only illegal but also “unhealthy” for the Nigerian economy.
This was made known in a letter addressed to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar. The Economic and Financial Crimes Commission (EFCC) expressed its dissatisfaction with the practice of some foreign missions charging visa fees and consular services in US dollars and other foreign currencies. EFCC Chairman Ola Olukoyede conveyed the commission’s concern regarding this matter, emphasizing that it violates Nigeria’s financial regulations and undermines the country’s sovereignty.
The agency maintained that charging in foreign currencies for services within Nigeria contravened section 20(1) of the Central Bank of Nigeria Act, 2007.
The letter partly dated April 5, read, “I present to you the compliments of the Economic and Financial Crimes Commission, EFCC, and wish to notify you about the commission’s observation, with dismay, regarding the unhealthy practice by some foreign Missions to invoice consular services to Nigerians and other foreign nationals in the country in United States dollar.
“This practice is an aberration and unlawful as it conflicts with extant laws and financial regulations in Nigeria. Section 20(1) of the Central Bank of Nigeria Act, 2007 makes currencies issued by the apex bank the only legal tender in Nigeria.
“In light of the above, you may wish to convey the commission’s displeasure to all missions in Nigeria and restate Nigeria’s desire for their operations not to conflict with extant laws and regulations in the country.”
