EFCC Issues Mandate: Foreign Missions in Nigeria Banned from Dollar Transactions

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In a significant move to combat the dollarization of Nigeria’s economy and safeguard the value of the Naira, the Economic and Financial Crimes Commission (EFCC) has sternly warned foreign missions operating within the country against conducting transactions in foreign currencies. The commission has issued a directive mandating the use of the Naira for all financial dealings, effectively prohibiting the use of foreign currencies.

This directive extends beyond Nigerian soil, as Nigerian foreign missions abroad are also instructed to accept only Naira in their financial operations. The EFCC has expressed deep concern over the prevalent practice among foreign missions to invoice consular services to Nigerians and other nationals in the country in United States dollars.

In an advisory addressed to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, titled “EFCC Advisory to Foreign Missions against Invoicing in US Dollar,” the anti-graft agency highlighted the detrimental impact of dollar transactions on Nigeria’s economy. The commission emphasized the urgency of curbing the widespread dollarization and preventing further depreciation of the Naira.

This bold move by the EFCC underscores the government’s commitment to strengthening the national currency and combating financial malpractice. It aims to promote the use of the Naira in both domestic and international transactions, fostering economic stability and resilience against external financial pressures.

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