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Naira Crisis: EFCC warns foreign missions in Nigeria against FX transactions

The Economic and Financial Crimes Commission, EFCC, has warned foreign missions operating in Nigeria against conducting financial transactions in foreign currencies.

Instead, the anti-grant agency told the missions that they must now use the Nigerian Naira for all their financial dealings stipulated by Nigerian law.

The EFCC has also made it compulsory for Nigerian foreign missions abroad to accept Naira in their financial businesses.

In a recent advisory to Yusuf Tuggar, the minister of foreign affairs, titled: “EFCC Advisory to Foreign Missions against Invoicing in US Dollar,” the EFCC expressed reservations and displeasure “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(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 held that such dollarisation undermines Nigeria’s monetary policy and aspiration for sustainable economic development.

“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,” the letter read.

“This trend can no longer be tolerated, especially in a volatile economic environment where the country’s macroeconomic policies are constantly under attack by all state and non-state actors.

“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.”

The development comes amid the continued depreciation of the Naira against the Dollar in the foreign exchange market.

On Friday, FMDQ data showed that the Naira lost N160 against the Dollar last week, which stood at N1466.31.

Naira Crisis: EFCC warns foreign missions in Nigeria against FX transactions

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