Sunday 12 May 2024

EFCC stops dollar transactions, asks embassies to charge in naira

The Economic and Financial Crimes Commission (EFCC) has requested that the federal government forbid embassies from conducting business in foreign currencies within Nigeria because it's is unlawful and  unhealthy.

EFCC chairman Ola Olukoyede expressed his dissatisfaction with the embassies' insistence on charging dollars and other foreign currencies for consular services and visa fees in a letter written to Foreign Affairs Yusuf Tuggar. The EFCC requested that the ministry inform the embassies of its disapproval and issue a warning to them about breaking Nigerian laws and regulations.

The organization said that section 20(1) of the Central Bank of Nigeria Act, 2007 was broken by charging for services rendered within Nigeria in foreign currency.

The letter, which was partially dated April 5, began, "I am writing to congratulate you on behalf of the Economic and Financial Crimes Commission, or EFCC, and to inform you of the commission's observation—which I find shocking—that certain foreign missions are billing consular services in US dollars to Nigerians and other foreign nationals who are in the country.

This behavior is abnormal and illegal since it goes against Nigerian financial standards and current laws. The Central Bank of Nigeria Act, 2007 states in Section 20(1) that the sole accepted form of payment in Nigeria is money issued by the apex bank.
In view of the aforementioned, you might want to inform all missions in Nigeria of the commission's disapproval and reiterate Nigeria's request for their operations to comply with all applicable laws and regulations.

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