Economic and Financial Crimes Commission has issued a strong warning to foreign missions in Nigeria, which prohibits them from using foreign currencies and demands them to use the naira for their financial transactions.
Similarly, Naira is now required for the financial operations of Nigerian embassies abroad. This measure aims to combat the widespread use of the dollar in Nigeria’s economy and the depreciation of the Naira.
The was contained in a letter to the Ministry of Foreign Affairs, by the EFCC Chairman, Ola Olukoyede.
The EFCC has expressed dismay over the practice of some foreign missions invoicing consular services to Nigerians and other foreign nationals in the country in the United States dollar ($).
According to the commission, this practice is considered unlawful and conflicts with existing Nigerian laws and financial regulations. Section 20(1) of the CBN Act, 2007 makes currencies issued by the apex bank the only legal tender in Nigeria, stating that transactions in currencies other than the naira are illegal and contravene the law.
RN
