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.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
States
Independence: NBA urges Nigerians to expect better future
The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Heading 1
Obi took advantage of Nigerians’ frustrations in 2023, can’t win 2027 presidential poll: APC
The All Progressives Congress has dismissed the chances of Nigeria Democratic Congress 2027 presidential candidate Peter Obi in the forthcoming election.
World
China advocates global cooperation to modernise traditional medicine
China has called for stronger international cooperation, technological innovation and equitable access to traditional medicine to address emerging global health challenges.
Economy
Nigeria records 93% rise in AI micro-credential enrolments, 113% increase in critical thinking: Report
Enrolment in AI micro-credentials in Nigeria rose by 93 per cent in 2026, while enrolment in critical thinking certification surged by 113 per cent.
Opinion
Abdul Mahmud: The president who loves us too much to campaign
A leader confident in his record should ordinarily welcome the campaign trail, where he can explain what he has achieved and answer questions about what remains unfinished.
Rights
Overcrowding in Nigeria’s prisons hinders rehabilitation of inmates
NCoS says prison congestion and inadequate funding hinder effective rehabilitation and reintegration of inmates.
Politics
Five things Nigerians like about Tinubu and why he’ll struggle to defeat Atiku, Obi
Mr Tinubu appears to have cultivated a coterie of loyalists and supporters across party lines, mentoring and raising several other politicians from within and outside his camp.
