Stop transaction in Foreign Currencies in Nigeria, EFCC warns Foreign Missions

The Economic and Financial Crimes Commission (EFCC) has warned foreign missions in Nigeria, to stop  financial transactions in foreign currencies. 

They are advised  to use the Nigerian naira for all their financial dealings. 

The EFCC says it is mandatory for Nigerian foreign establishments   abroad to accept naira in their financial transactions. 

According to the Anti-graft Agency, the development is aimed at stopping the dollarisation of the Nigerian economy and the degradation of the naira.

In a recommendation to the Minister of Foreign Affairs, Yusuf Tuggar,  titled: “EFCC Advisory to Foreign Missions against Invoicing in US Dollar,” the EFCC expressed reservations and displeasure as  “regards  the unhealthy practice by some foreign missions to invoice consular services to Nigerians and other foreign nationals in the country in United States dollar(s).” 

The EFCC cited Section 20(1) of the Central Bank of Nigeria Act, 2007, which makes currencies issued by the Apex Bank, the only legal tender in Nigeria. 

The Anti-graft Agency  added   that dollarisation trend will thwart the country’s monetary policy and expectations for sustainable economic development.

The decision  by EFCC  is in line with the Monetary Policy Reforms by the Central Bank to strengthen the naira.