EFCC Implements Ban on US Dollar Transactions, Encourages Naira Usage

The Economic and Financial Crimes Commission (EFCC) has issued a stern directive to foreign missions operating within Nigeria, mandating them to conduct all financial transactions in the country using the Naira currency.

Additionally, Nigerian foreign missions situated abroad have been instructed to accept and utilize the Naira for their financial activities.

This move by the EFCC aims to promote transparency and combat illicit financial activities within the country’s borders, ensuring that all financial transactions align with regulatory requirements.

The EFCC has taken a firm stance against the dollarization of the Nigerian economy and the devaluation of the Naira by foreign missions operating within the country.

In an advisory addressed to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, the anti-graft commission expressed its disapproval of the practice whereby some foreign missions invoice consular services to Nigerians and other foreign nationals in the United States dollar.

Citing Section 20(1) of the Central Bank of Nigeria Act, 2007, the EFCC emphasized that currencies issued by the apex bank are the only legal tender in Nigeria.

 Therefore, any transaction conducted in currencies other than the Naira within the country is deemed unlawful and contravenes existing laws and financial regulations.

The EFCC urged the Minister of Foreign Affairs to convey its displeasure to all missions in Nigeria and reaffirm Nigeria’s stance against operations that conflict with extant laws and regulations in the country.

ditionally, the EFCC announced its intention to crack down on schools, hotels, supermarkets, and other businesses that charge customers in foreign currencies. This move aims to alleviate pressure on the Naira and uphold the integrity of Nigeria’s legal tender.

The EFCC emphasized that any transaction not denominated in Naira within Nigeria, whether in dollars, pounds, yen, or any other foreign currency, is against the law.

To enforce compliance, the EFCC has established a task force comprising 7,000 individuals to address illegal foreign exchange transactions across the country.

The EFCC’s efforts underscore the importance of upholding the Naira as the symbol of Nigeria’s economy and ensuring that all transactions within the country adhere to legal tender laws.