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Embassies, Business Outlet Must Accept Naira In All Transactions In Nigeria – EFCC Reiterates

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The Economic and Financial Crimes Commission (EFCC) has ordered that the Nigerian local currency should be the only legal tender to be accepted for all business transactions including foreign embassies in Nigeria. The Anti-graft also banned the use of dollar for business transactions and payment of other services including the foreign missions across the country. The warning was contained in a letter dated April 5, 2024, addressed to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, and his Ministry of Foreign Affairs by the EFCC.

According to the letter, the anti-graft agency also urges the Nigerian foreign missions abroad to also accept naira in their financial businesses at their various outlets. 

The commission was worried over the dollarisation of the Nigerian economy which is responsible for depreciation of the naira on daily bases. 

In the letter, the EFCC Chairman, Ola Olukoyede, frowned over the invoicing of consular services in Nigeria by foreign missions in dollars, reminding the characters involved that this is Nigeria. 

Furthermore, Olukoyede said: “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. 

“It states that ‘the currency notes issued by the Bank shall be the legal tender in Nigeria on their face value for the payment of any amount’. 

“This presupposes that any transaction in currencies other than the naira anywhere in Nigeria contravenes the law and is, therefore, illegal” The statement concluded.