WRITTEN BY: CHIOMA MADONNA NDUKWU
The Economic and Financial Crimes Commission (EFCC) has issued a directive compelling foreign missions in Nigeria to conduct all financial transactions exclusively in Naira, banning the use of US dollars.
This move aims to combat the dollarization of Nigeria’s economy and preserve the value of the Naira. The EFCC expressed concern over the invoicing of consular services in dollars by foreign missions, citing it as unlawful and conflicting with Nigerian financial regulations.
The commission emphasized the legal tender status of the Naira, as stated in the Central Bank of Nigeria Act. Non-compliance with this directive is deemed illegal and an affront to Nigeria’s sovereignty. The EFCC has resumed raids, targeting currency speculators and Bureau De Change operators in efforts to stabilize the Naira.
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