The Economic and Financial Crimes Commission (EFCC) has urged the Nigerian government to prohibit foreign missions in the country from charging visa and other consular services in foreign currencies.
The EFCC has further advised all embassies to align with Nigeria’s regulatory framework by pegging the cost of their services to the local currency exchange rate.
It contends that offering consular services in foreign currencies undermines Nigeria’s monetary policies and its pursuit of sustainable economic development. Continue Reading…
This advisory was communicated in a letter addressed to the Minister of Foreign Affairs, Amb. Yusuf Tuggar, with instructions for dissemination to all foreign missions operating in Nigeria.
However, there is confusion among diplomatic circles regarding whether the EFCC’s directive reflects the official stance of the Federal Government.
In its correspondence, the EFCC cited Section 20(1) of the Central Bank of Nigeria Act, 2007, as the legal basis for its advisory.
The section prohibits transactions in foreign currencies within Nigeria, thereby highlighting the inconsistency of paying for consular services in dollars with the country’s laws and financial regulations. Continue Reading…
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