Nigeria Nigerians Divided as EFCC Bans Foreign Currency Transactions, Mandates Naira Use

The EFCC's latest directive prohibits foreign missions in Nigeria from conducting transactions in foreign currencies, mandating using the Naira. This move aims to enhance financial transparency and combat economic crimes.

The Economic and Financial Crimes Commission (EFCC) has issued a stern directive to foreign missions based in Nigeria, prohibiting transactions in foreign currencies and mandating the use of the Naira.

This directive is part of the EFCC's efforts to enhance financial transparency and integrity within the country. While some Nigerians commend the move as long overdue, citing the need to assert the sovereignty of the Naira, others express concerns about the practicality and potential implications of such a mandate.

Additionally, questions are raised about the enforcement mechanism and the impact this may have on diplomatic relations and financial operations involving foreign entities. The EFCC's move underscores the broader efforts of Nigerian authorities to strengthen regulatory frameworks and combat financial crimes.