EFCC stops dollar transactions, asks embassies to charge in naira
The Economic and Financial Crimes Commission(EFCC) has asked the federal government to ban embassies from transacting in foreign currencies within Nigeria, saying it is illegal and “unhealthy”.
In a letter addressed to Foreign Affairs Yusuf Tuggar, EFCC chairman Ola Olukoyede registered his displeasure that the embassies charge visa fees and consular services in dollars and other foreign denominations.
EFCC urged the ministry to convey its displeasure to the embassies and warn them against disregarding Nigeria’s rules and regulations.
The agency maintained that charging in foreign currencies for services within Nigeria contravened section 20(1) of the Central Bank of Nigeria Act, 2007.
The letter partly dated April 5, read, “I present to you the compliments of the Economic and Financial Crimes Commission, EFCC, 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.
“In light of the above, you may wish to convey the commission’s displeasure to all missions in Nigeria and restate Nigeria’s desire for their operations not to conflict with extant laws and regulations in the country.”
The anti-graft agency said the embassies’ refusal to comply with Nigeria’s foreign exchange regulatory regime is an “affront on the country’s sovereignty symbolised by the national currency.”
“This trend can no longer be tolerated, especially in a volatile economic environment where the country’s macroeconomic policies are constantly under attack by all manner of state and non-state actors,” it added.
Meanwhile, EFCC, in a bid to stabilise the naira and sanitise the forex market, resumed raids and, on Tuesday, arrested some Bureau De Change operators at the popular Wuse Zone 4 market in the Federal Capital Territory, Abuja.
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