The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to foreign missions operating in Nigeria against demanding foreign currency for goods and services within the country.
In a special memo addressed to the Minister of Foreign Affairs, EFCC Chairman Ola Olukoyede emphasized the illegality of invoicing consular services in United States Dollars (USD) instead of the Nigerian Naira (NGN). The memo, dated May 5, 2024, highlighted the provisions of the Central Bank of Nigeria Act, which designate the Naira as the only legal tender in the country.
Olukoyede stressed that any transaction conducted in currencies other than the Naira contravenes Nigerian law and undermines the nation’s monetary policy and economic development aspirations.
The EFCC chairman urged the foreign missions to comply with Nigeria’s regulatory framework and refrain from practices that conflict with existing laws and regulations.
The memo serves as a clear directive to foreign missions to align their operations with Nigerian legal standards and support the stability of the local currency amidst economic volatility.
