Emmanuel Ochayi
The Economic and Financial Crimes Commission (EFCC) has taken a firm stand against the use of foreign currencies, particularly the US dollar, by foreign missions operating in Nigeria.
In an advisory to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, the EFCC emphasized the illegality of invoicing consular services in dollars, citing it as a violation of Nigerian financial regulations.
Join our WhatsApp ChannelChairman of the EFCC, Ola Olukoyede, expressed concern over the practice, stating, “This practice is an aberration and unlawful as it conflicts with extant laws and financial regulations in Nigeria.” The EFCC referenced Section 20(1) of the Central Bank of Nigeria Act, 2007, which designates the Naira as the sole legal tender in the country.
Olukoyede highlighted the significance of upholding Nigeria’s monetary policies and sovereignty, emphasizing that transactions conducted in currencies other than the Naira are illegal. The EFCC underscored the adverse effects of such practices on Nigeria’s economic stability and development aspirations.
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In response to the situation, the EFCC has initiated crackdowns on currency-related offenses. Recently, operatives of the commission conducted raids on Bureau De Change operators in the Wuse Zone 4 market in Abuja, leading to the arrest of several suspects. However, resistance from some BDC operators resulted in altercations during the operation.
This crackdown follows previous arrests of individuals involved in currency speculation and foreign exchange fraud. The EFCC’s proactive measures aim to curb illegal financial activities and promote compliance with Nigerian laws and regulations.
When approached for comments, the EFCC spokesperson, Dele Oyewale, declined to provide further information on the matter.
The EFCC’s stance on foreign currency transactions by foreign missions underscores the importance of adhering to Nigerian financial laws and regulations. The commission’s efforts to combat illegal financial activities align with its mandate to uphold transparency and integrity in Nigeria’s financial sector.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
