The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to foreign missions operating in Nigeria, prohibiting them from conducting transactions in foreign currencies and mandating the use of the Nigerian Naira in their financial activities. Additionally, the EFCC has directed Nigerian foreign missions situated abroad to accept Naira in their financial transactions.
This move by the anti-graft commission aims to address the dollarization of the Nigerian economy and combat the depreciation of the Naira. In an advisory addressed to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, the EFCC emphasized the need to safeguard the integrity of the nation’s currency and stem the illicit flow of foreign currencies.
The directive signifies a significant shift in the financial operations of foreign missions within Nigeria and abroad. By requiring all transactions to be conducted in Naira, the EFCC aims to promote the use of the national currency and curb illicit financial activities that undermine the country’s economic stability.
Observers describe this development as one which underscores the government’s commitment to fostering a robust and transparent financial system while enhancing the integrity of Nigeria’s currency as foreign missions and Nigerian diplomatic outposts are expected to adjust to the new regulatory framework. Stakeholders are also expected to comply with the EFCC’s directives to uphold the nation’s financial sovereignty and combat economic crimes.
