EFCC bans dollar transactions, tells embassies to charge in naira

As part of the measures taken to arrest the free fall of Naira, the Economic and Financial Crimes Commission (EFCC) has called on the federal government to immediately ban foreign missions in Nigeria from charging visa and other consular services in foreign currencies.


The anti-graft agency described the practice as illegal and “unhealthy”, adding that consular services in foreign denominations undermines Nigeria’s monetary policy and aspiration for sustainable economic development.



Mr Ola Olukoyede, the chairman of the commission in a letter addressed to the Foreign Affairs Minister, Mr Yusuf Tuggar registered his displeasure as embassies continue to charge visa fees and consular services in dollars and other foreign denominations.


The letter reads, “…I wish to notify you about the commission’s observation, with dismay, regarding the unhealthy practice by some foreign Missions to invoice consular services to Nigerians and other foreign nationals in the /country in United States Dollar ($).


“This practice is an aberration and unlawful as it conflicts ‘with extant laws and financial regulations in Nigeria. Section 20(1) of the Central Bank of Nigeria Act, 2007 makes currencies issued by the apex bank the only legal tender in Nigeria.



“It states that “the currency notes issued by the Bank shall be the legal tender in Nigeria on their face value for the payment of any amount”.



“This presupposes that any transaction in currencies other than the naira anywhere in Nigeria contravenes the law and is therefore, illegal.”



“The refusal by some Missions to accept the Naira for consular service in Nigeria and also comply with foreign exchange regulatory regime in fixing the exchange of the cost of their services is not only illegal, but represents an affront on the country’s sovereignty symbolized by the national currency. It undermines Nigeria’s monetary policy and aspiration for sustainable economic development.


“This trend can no longer be tolerated, especially in a volatile economic environment where the country’s macroeconomic policies are constantly under attack by all manner of state and non-state actors.


“In light of the above, you may wish to convey the commission’s displeasure to all Missions in Nigeria and restate Nigeria’s desire for their operations not to conflict with extant laws and regulations in the country.


“Please accept, as always, the assurances of my highest consideration and respect

Related posts