EFCC Implements Measures To Encourage Naira Adoption, Prohibits Dollar Transactions

In an advisory titled “EFCC Advisory to Foreign Missions against Invoicing in US Dollar,” sent to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, the anti-graft commission expressed its concerns and dissatisfaction with the practice of certain foreign missions invoicing consular services to Nigerians and other foreign nationals in the country using the United States dollar.

In a letter dated April 5, 2024, addressed to the Minister of Foreign Affairs, the Chairman of the EFCC, Ola Olukoyede, expressed disappointment regarding the invoicing of consular services in Nigeria in dollars by foreign missions. The EFCC cited Section 20(1) of the Central Bank of Nigeria Act, 2007, which designates the currencies issued by the central bank as the only legal tender in Nigeria.

The letter stated, “I present to you the compliments of the Economic and Financial Crimes Commission, 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.”

Additionally, the EFCC has announced its intention to crack down on schools, hotels, supermarkets, and other businesses in Nigeria that charge customers in dollars and other foreign currencies. The anti-graft agency emphasized that such practices are illegal and put pressure on the Naira. As part of its efforts, the EFCC has established a task force comprising 7,000 individuals to tackle dollar fraud and other illegal foreign exchange transactions in the country. The EFCC aims to ensure compliance with the use of the Naira as the sole legal tender for transactions in Nigeria, emphasizing its importance as the symbol of the nation’s economy.