EFCC insists on naira, bans foreign currencies at embassies

The Economic and Financial Crimes Commission (EFCC) has directed that the Naira should be the only legal tender for transactions at foreign embassies in Nigeria.

The Commission also banned the use of dollars for business transactions and payment of other services at foreign missions in the country.

This was revealed in a letter dated April 5, 2024, addressed to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, and his Ministry of Foreign Affairs.

According to the EFCC, Nigerian foreign missions abroad were also directed to accept naira in their financial businesses.

The EFCC also mentioned that the directives would help in combating the dollarization of the Nigerian economy and the depreciation of the naira.

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In the letter, the Chairman of the Commission, Ola Olukoyede, further expressed sadness over the invoicing of consular services in Nigeria by foreign missions in dollars.

Olukoyede said: “I present to you the compliments of the Economic and Financial Crimes Commission (EFCC) and wish to notify you about the commission’s observation, with dismay, regarding the unhealthy practice by some foreign missions to invoice consular services to Nigerians and other foreign nationals in the country in the United States dollar.

“This practice is an aberration and unlawful as it conflicts with existing laws and financial regulations in Nigeria. Section 20(1) of the Central Bank of Nigeria Act, 2007 makes currencies issued by the apex bank the only legal tender in Nigeria.

“It states that ‘the currency notes issued by the Bank shall be the legal tender in Nigeria on their face value for the payment of any amount’.

“This presupposes that any transaction in currencies other than the naira anywhere in Nigeria contravenes the law and is, therefore, illegal.”

EFCC insists on naira, bans foreign currencies at embassies

Rivers crisis may truncate Nigeria’s democracy, remember ‘Operation Wetie’ – Bode George warns

A former Deputy National Chairman of the Peoples Democratic Party (PDP), Chief Olabode George, on Friday, has warned that the political crisis rocking Rivers State could consume the country.

He urged elders and stakeholders of the party to intervene in the crisis between members of the state House of Assembly loyal to the ex-governor Nyesome Wike and incumbent Governor Siminalayi Fubara.

NANS kicks against tuition fee introduction in federal varsities

The National Association of Nigerian Students (NANS) has strongly opposed the recent proposal by Sonny Echono, the Executive Secretary of TETFUND, to introduce tuition fees in federal universities.

Echono’s suggestion, made during an education sector conference in Abuja themed “Funding for Tertiary Education in Nigeria,” sparked widespread concern among student communities.

Pedro Obi, the President of NANS, issued a statement on Friday, condemning the proposal as a direct assault on the fundamental principle of accessible education for all Nigerians.

Obi emphasized that federal universities have historically served as pillars of hope for underprivileged students, offering them the opportunity to pursue higher education without financial constraints. Introducing tuition fees, he argued, would undermine this noble principle and create barriers that could prevent countless deserving students from accessing tertiary education.

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While acknowledging the need for sustainable funding in educational institutions, Obi asserted that burdening students and their families with tuition fees is not a viable solution. He urged the government to explore alternative funding mechanisms that would not compromise the accessibility and affordability of education.

NANS called on the federal government to reject the proposal and uphold its commitment to providing free and accessible education for all Nigerians. Obi urged stakeholders in the education sector to prioritize the welfare and future of students above all other considerations.

The statement reiterated that education is a fundamental right, not a privilege reserved for the affluent. NANS affirmed its unwavering commitment to defending this principle and ensuring equal access to quality education for every Nigerian.

NANS kicks against tuition fee introduction in federal varsities