In a special memo addressed to the Minister of Foreign Affairs, EFCC Chairman Ola Olukoyede issued a stern warning against embassies collecting currencies other than Naira in Nigeria. Dated May 5, 2024, the memo emphasized the illegality of such practices, citing 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 memo expressed dismay at the practice of invoicing consular services to Nigerians and other foreign nationals in the United States Dollar by some foreign missions, highlighting its contradiction with Nigerian laws and financial regulations. It underscored the significance of the national currency, stating that transactions in currencies other than the Naira within Nigeria are unlawful.
The refusal of some missions to accept Naira for consular services and adhere to foreign exchange regulations was condemned as not only illegal but also disrespectful to Nigeria’s sovereignty represented by its national currency. Such actions were deemed to undermine Nigeria’s monetary policy and hinder its pursuit of sustainable economic development.