EFCC cracks down on embassies demanding dollars for services
By Uzair Adam Imam
Amidst the devaluation of the Nigerian currency, the Economic and Financial Crimes Commission (EFCC) has issued a stern warning to embassies, instructing them not to demand foreign currency for goods and services within the country.
In a memo addressed to the Minister of Foreign Affairs, EFCC Chairman Ola Olukoyede emphasized the illegality of collecting any currency other than the Naira in Nigeria.
The memo, dated May 5, 2024, highlighted the violation of Nigerian laws and financial regulations by embassies invoicing consular services in United States Dollars.
Olukoyede underscored the significance of adhering to Section 20(1) of the Central Bank of Nigeria Act, 2007, which designates currencies issued by the apex bank as the sole legal tender in the country.
The EFCC boss condemned the refusal of some embassies to accept the Naira for consular services, describing it as an affront to Nigeria’s sovereignty and undermining its monetary policy and economic development objectives.
Expressing zero tolerance for this trend, Olukoyede urged the Minister to convey the Commission’s displeasure to all embassies in Nigeria, reiterating Nigeria’s expectation for their operations to comply with existing laws and regulations.
This move by the EFCC comes as embassies in Nigeria persist in demanding and collecting Dollars for goods and services, a practice detrimental to the local currency.