EFCC urges FG to stop foreign missions from charging fees in foreign currency

By Innocent Raphael

The Economic and Financial Crimes Commission (EFCC) has urged the federal government to put an end to the practice of foreign missions in Nigeria charging visa and other consular services in foreign currencies.

The EFCC stressed the importance of adopting Nigeria’s regulatory framework for determining the exchange rates for these services, highlighting that the current practice undermines Nigeria’s monetary policy and its goal of achieving sustainable economic development.

In a letter addressed to the Minister of Foreign Affairs, Amb. Yusuf Tuggar, the EFCC outlined its concerns, citing Section 20(1) of the Central Bank of Nigeria Act, 2007, which prohibits such transactions.

The advisory, intended for all foreign missions operating in Nigeria, seeks to ensure compliance with Nigerian laws and financial regulations.

While some diplomatic sources have questioned whether the EFCC’s advisory reflects the official stance of the Federal Government, the commission remains firm in its position on the matter.

Back to top button