The Economic and Financial Crimes Commission (EFCC) has urged foreign missions in Nigeria to discontinue the practice of charging visas and other consular services in foreign denominations, emphasizing the need to align with Nigeria’s regulatory framework on currency exchange rates.
In a letter addressed to the Minister of Foreign Affairs, Amb. Yusuf Tuggar, the EFCC Executive Chairman, Mr. Ola Olukoyede, highlighted the legal and economic implications of charging services in currencies other than the Naira.
“The refusal by some Missions to accept the Naira for consular service in Nigeria and also comply with the foreign exchange regulatory regime in fixing the exchange of the cost of their services is not only illegal but represents an affront on the country’s sovereignty symbolized by the national currency,” the EFCC stated.
The commission emphasized that such practices undermine Nigeria’s monetary policy and aspirations for sustainable economic development. It called for adherence to Section 20(1) of the Central Bank of Nigeria Act, which designates the Naira as the only legal tender in Nigeria.
Mr Olukoyede expressed “the EFCC’s displeasure with the situation, urging the government to convey Nigeria’s desire for compliance with existing laws and regulations to all foreign missions operating in the country.”
While no official response has been issued by the Ministry of Foreign Affairs or the EFCC, diplomatic sources revealed concerns among foreign missions about the advisory’s alignment with the Federal Government’s position.
In response to the advisory, “a diplomat emphasized the need for diplomatic engagement through appropriate channels and hinted at potential revisions of bilateral and multilateral agreements.”
The EFCC’s call stresses the importance of adherence to Nigeria’s regulatory framework and the legal tender status of the Naira, as the government seeks to maintain sovereignty and economic stability amidst evolving global dynamics.