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HomeFinanceEFCC Stops Dollar Transactions, Implements Policy Mandating Naira Transactions for Embassies

EFCC Stops Dollar Transactions, Implements Policy Mandating Naira Transactions for Embassies

In a bid to curb the dollarization of Nigeria’s economy and safeguard the value of the Naira, the Economic and Financial Crimes Commission (EFCC) has issued a directive to foreign missions and Nigerian foreign missions abroad. Effective immediately, all financial transactions within Nigeria must be conducted in Naira, in compliance with Section 20(1) of the Central Bank of Nigeria Act, 2007.

 

Expressing concern over the invoicing of consular services in dollars by foreign missions, the EFCC emphasized the illegality of such practices and their conflict with Nigerian laws and financial regulations. This move aims to uphold Nigeria’s sovereignty and reinforce the national currency’s status as the sole legal tender.

 

The EFCC further highlighted the adverse impact of disregarding Nigeria’s monetary policies on the country’s economic stability and development aspirations. In response to these concerns, the commission urges foreign missions to refrain from activities that contravene Nigerian laws and regulations.

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The EFCC’s efforts to enforce compliance have extended to operational measures, including recent raids on Bureau De Change operators in Abuja’s Wuse Zone 4 market. These actions aim to deter currency speculation and ensure adherence to established financial regulations, despite resistance encountered during enforcement operations.

 

As part of its ongoing efforts, the EFCC continues to apprehend individuals involved in foreign exchange fraud and illegal currency trading, underscoring its commitment to maintaining the integrity of Nigeria’s financial system and safeguarding its economic interests.

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