Ola Olukayode, the EFCC chairman, has addressed a letter, dated April 5, to Yusuf Tuggar, the minister of foreign affairs, over the practice of foreign embassies conducting consular services within the country in US dollars.
Olukayode maintained that the practice contravened Nigeria’s financial laws, according to The PUNCH.
The letter was titled ‘EFCC Advisory to Foreign Missions against Invoicing in US Dollar’.
Here’s the full text:
I present to you the compliments of the Economic and Financial Crimes Commission, and wish to notify you about the commission’s observation, with dismay, regarding the unhealthy practice by some foreign missions to invoice consular services to Nigerians and other foreign nationals in the country in United States dollar ($).
This practice is an aberration and unlawful as it conflicts with extant laws and financial regulations in Nigeria. Section 20(1) of the Central Bank of Nigeria Act, 2007 makes currencies issued by the apex bank the only legal tender in Nigeria.
It states that ‘the currency notes issued by the Bank shall be the legal tender in Nigeria on their face value for the payment of any amount’. This presupposes that any transaction in currencies other than the naira anywhere in Nigeria contravenes the law and is, therefore, illegal.
