By Labofa Ukuta- Ogoba
Against the background of the fluctuating value of the Naira against the Dollar, Economic and Financial Crimes Commission (EFCC) has warned foreign missions in Nigeria, to stop financial transactions in foreign currencies. Foreign nationals are therefore charged to use the Nigerian Naira for all their financial transactions. According to EFCC, it is compulsory for Nigerian foreign establishments abroad to accept Naira in their financial transactions.
Anti-graft Agency, said the development is geared towards stopping the Dollarisation of the Nigerian economy and the degradation of the Naira.
In a recommendation to the Minister of Foreign Affairs, Yusuf Tuggar, titled: “EFCC Advisory to Foreign Missions Against Invoicing in US Dollar,” the EFCC expressed reservations and displeasure as “regards the unhealthy practices by some foreign missions to invoice consular services to Nigerians and other foreign nationals in the country in United States dollar(s).”
The EFCC cited Section 20(1) of the Central Bank of Nigeria Act, 2007, which makes currencies issued by the Apex Bank, the only legal tender in Nigeria.The Anti-graft Agency added that Dollarisation trend will thwart the country’s monetary policy and expectations for sustainable economic development. This decision, according to EFCC, is in line with the Monetary Policy Reforms by the Central Bank to strengthen the Naira.