EFCC Mandates Naira Transactions For Foreign Missions

In a significant move to combat the dollarization of the Nigerian economy and the devaluation of the Naira, the Economic and Financial Crimes Commission (EFCC) has directed foreign missions based in Nigeria to cease transacting in foreign currencies and mandated them to use the Naira in their financial dealings. This directive, which is aimed at upholding Nigeria’s sovereignty symbolised by its national currency, has been communicated to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, via an advisory titled “EFCC Advisory to Foreign Missions Against Invoicing in US Dollar.”

The EFCC has cited Section 20(1) of the Central Bank of Nigeria Act, 2007, which specifies that only currencies issued by the apex bank are legal tender in Nigeria. This measure was deemed necessary to address the widespread use of the dollar in Nigeria’s economy and the depreciation of the Naira. The commission expressed its concerns regarding foreign missions invoicing consular services in dollars, noting that this practice not only contravenes Nigerian law but also undermines the country’s financial regulations and sovereignty.

The EFCC has also mandated Nigerian foreign missions domiciled abroad to accept Naira in their financial businesses, thus reinforcing the stance on the exclusive use of the Naira within Nigeria’s financial system. This move is part of