EFCC Warns Foreign Missions Against Demanding Foreign Currency in Nigeria

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As the Nigerian currency faces instability, the Economic and Financial Crimes Commission (EFCC) issues a stern warning to foreign missions, prohibiting the demand for foreign currency for goods and services within the country.

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In a memo dated May 5, 2024, EFCC Chairman Ola Olukoyede addressed the Minister of Foreign Affairs, emphasizing the illegality of foreign missions invoicing consular services in United States Dollar instead of the Nigerian Naira.

Quoting Section 20(1) of the Central Bank of Nigeria Act, 2007, which designates the Naira as the sole legal tender, the memo highlights the unlawful nature of transactions conducted in currencies other than the Naira within Nigerian territory.

The EFCC condemns the refusal of some missions to accept the Naira for consular services, branding it not only illegal but also a direct challenge to Nigeria’s monetary policies and economic stability.

Expressing concern over the negative impact of such practices on Nigeria’s economic development, the EFCC urges foreign missions to comply with existing laws and regulations and cease actions that undermine the sovereignty represented by the national currency.

The memo calls upon the Minister of Foreign Affairs to convey the EFCC’s displeasure to all missions in Nigeria and reaffirm the country’s commitment to upholding its laws and regulations.


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Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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