The Nigerian government, led by President Bola Tinubu, has issued a stern warning to foreign missions operating within the country. In an advisory sent by the Economic and Financial Crimes Commission (EFCC) to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, the government has banned foreign missions from conducting financial transactions in foreign currencies. Instead, they are mandated to use the Nigerian Naira for all their financial dealings.
The advisory, titled “EFCC Advisory to Foreign Missions against Invoicing in US Dollar,” highlights the government’s concern over the dollarization of the Nigerian economy and the consequent depreciation of the Naira. The EFCC expressed its dismay at the practice of some foreign missions invoicing consular services to Nigerians and other foreign nationals in the United States dollar.
Quoting Section 20(1) of the Central Bank of Nigeria Act, 2007, the EFCC emphasized that only currencies issued by the apex bank are legal tender in Nigeria. Any transaction conducted in currencies other than the Naira within Nigeria is considered illegal according to this act.
The EFCC chairman, Ola Olukoyede, conveyed the commission’s displeasure to the Minister of Foreign Affairs in a letter dated April 5, 2024. The letter outlined the illegality of invoicing consular services in dollars, stressing that this practice is not only against existing laws and financial regulations but also undermines Nigeria’s sovereignty.
The refusal of some foreign missions to accept the Naira for consular services in Nigeria and their non-compliance with the foreign exchange regulatory regime have been deemed as illegal and disrespectful to Nigeria’s national currency.
The EFCC emphasized that such actions undermine the country’s monetary policy and hinder its economic development.
In light of these concerns, the EFCC urged the Minister of Foreign Affairs to communicate the government’s displeasure to all foreign missions in Nigeria.
The government emphasizes its desire for foreign missions to operate in compliance with existing laws and regulations within the country.
