The Economic and Financial Crimes Commission (EFCC) has mandated that foreign embassies and missions in Nigeria must conduct all transactions in the local currency, the Naira.
The commission effectively banned the use of foreign currencies such as the dollar.
According to the EFCC, this directive aims to promote the use of the Naira and prevent dollar transactions, as part of a broader effort to assert Nigeria’s sovereignty and protect its economic interests.
The move by EFCC has sparked varied reactions, with some viewing it as a step towards dedollarization and strengthening the Naira, while others question the practicality and implications of such a policy, particularly regarding remittances to foreign governments.
