The Economic and Financial Crimes Commission (EFCC) has urged the Nigerian government to enforce a policy requiring foreign missions to charge for visa and other consular services in the local currency instead of foreign currencies.
The commission has recommended that embassies align with Nigeria’s financial regulations when determining the exchange rates for their services, emphasizing that charging in foreign currencies contradicts the nation’s monetary policies and its goals for enduring economic growth.
This guidance was communicated through a letter from the EFCC to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, which is intended to be passed on to all foreign missions operating in Nigeria.
There has been some uncertainty among diplomatic circles regarding whether this advisory reflects the official stance of the Nigerian Federal Government.
The EFCC’s letter highlighted that the current practice of transacting consular services in dollars is at odds with Nigeria’s existing legal and financial frameworks, specifically citing Section 20(1) of the Central Bank of Nigeria Act, 2007.
The commission’s stance is that such practices should be discontinued to maintain the integrity of Nigeria’s economic policies.
