The Economic and financial crimes commission  (EFCC) in Nigeria has issued a stern warning to foreign missions, instructing them to use the Naira for financial transactions instead of foreign currencies.

EFCC Prohibits US Dollar Transactions in Nigeria, Directs Embassies to Use Naira

Additionally, Nigerian foreign missions abroad have been directed to accept the Naira for their financial activities. This measure aims to tackle the dollarization of the Nigerian economy and prevent the devaluation of the Naira.

In a communication titled “EFCC Advisory to Foreign Missions against Invoicing in US Dollar,” the anti-graft commission raised concerns about foreign missions billing consular services to Nigerians and other foreign nationals in Nigeria in US dollars. The Chairman of the EFCC, Ola Olukoyede, conveyed his disappointment in a letter dated April 5, 2024, to the Minister of Foreign Affairs regarding this invoicing practice.

The EFCC cited Section 20(1) of the Central Bank of Nigeria Act, 2007, stating that the currencies issued by the central bank are the sole legal tender in Nigeria.

The letter read;

“I present to you the compliments of the Economic and Financial Crimes Commission, 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 United States dollar ($).

“This practice is an aberration and unlawful as it conflicts with extant 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’.

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

“In light of the above, you may wish to convey the commission’s displeasure to all missions in Nigeria and restate Nigeria’s desire for their operations not to conflict with extant laws and regulations in the country.”

EFCC Targets Businesses Charging Customers in Foreign Currencies

• The Economic and Financial Crimes Commission (EFCC) has declared its intention to crack down on schools, hotels, supermarkets, and other establishments in Nigeria that charge clients in dollars and other foreign currencies.

• This move is aimed at alleviating the strain on the Naira.

• According to EFCC’s Head of Media and Publicity, Dele Oyewale, it is illegal for businesses to price goods and services in foreign currencies like dollars, pounds, yen, for local transactions.

According to him, the anti-graft agency has established a task force consisting of 7,000 individuals to address dollar fraudsters and other illicit foreign exchange activities in the country.

“The task force is not just to monitor naira abuse alone but for the whole economy. So, the EFCC is working to ensure that those breaking the rules find their way back to the right path so that the wrath of the law will not be on them.

“Yes, everyone knows that it is illegal to charge in other denominations apart from the naira. Whether in Chinese or American currency, any transaction that is not denominated in naira in Nigeria, the EFCC is against it.

“So, the task force is in place to check that and Nigerians should be happy about that. It is not just schools, hotels but other entities across the country that are doing this must come back to the naira as our legal tender.’’

“Naira is the symbol of our economy and everything that has to do with the economy in Nigeria must be done in naira,” Oyewale told Punch on Thursday

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The rail system was funded through loans from the China EXIM Bank and developed in six phases.

Tinubu announces free rides on Abuja light rail until December.

President Bola Tinubu has announced that residents of the Federal Capital Territory (FCT) can enjoy free rides on the newly inaugurated Abuja Rail Mass Transit until the end of the year.

The announcement was made on Wednesday, May 29, in Abuja during the presidential inauguration of the Abuja light rail as part of the celebrations marking his first year in office. Tinubu praised FCT Minister Nyesom Wike for completing the project, referring to him as “Mr. Project.”

Our dear landlord and his team, I heard you saying two months free ride. I appeal to you to make it till the end of the year free ride, since today you are not going to charge me. Let me give the people hope and reason to celebrate.

“Today, what we have in the FCT is another piece of evidence that we are a government that delivers on promises. I observe keenly other milestones that this administration has achieved, especially in the areas of social services and other public utilities,” he stated, according to Channels TV.

On May 23, Wike announced that the facility would offer Nigerians two months of complimentary rides.
The rail system, constructed in six phases, was funded through loans from the China EXIM Bank.
Despite being inaugurated by former President Muhammadu Buhari on July 12, 2018, it ceased operations shortly after due to vandalism.

Black Market Exchange Rate (Aboki FX) for 10th June:

Dollar to Naira exchange rate at the black market (Aboki FX) for 10th June is available below. You can convert your dollars to Naira at these rates.

Current Exchange Rate for Black Market USD to Naira on June 11, 2024

Dollar to Naira Exchange Rates:

Black Market (Aboki Dollar Rate) – June 10, 2024:

Buying Rate: N1480
Selling Rate: N1485

CBN Official Rates – June 10, 2024:

Buying Rate: N1447
Selling Rate: N1448

Naira Notes in Circulation:

The value of Naira notes in circulation reached ₦3.97 trillion at the end of May, showing a 1.07% increase from the previous month.

The currency in circulation has been steadily rising, with figures increasing to ₦3.92 trillion in April from ₦3.86 trillion in March.

Despite CBN’s monetary policy tightening, the currency in circulation has continued to grow month-on-month.
Currency in circulation includes Naira notes and coins used in the economy.

In March, the currency in circulation at ₦3.87 trillion represented a 4.76% increase from ₦3.69 trillion in February 2024.

The amount of currency held outside of banks also increased in the first quarter, rising from ₦3.28 trillion in January to ₦3.41 trillion and ₦3.63 trillion in February and March, respectively.

The American Hospital Dubai (AHD) is set to establish presence in Nigeria and eight other African countries to reduce medical tourism on the Continent

Expansion of American Hospital Dubai to Nigeria and Eight Other African Nations

AHD’s Nigerian offices will be in Lagos, Abuja, and potentially Port Harcourt, Rivers State, featuring a representative office, diagnostic center, and hospital.

Notable investor Prince Tonye Princewill revealed that the other African countries targeted by AHD are Ghana, Kenya, Zimbabwe, Zambia, South Africa, Ethiopia, Tanzania, and Angola.
The hospital’s first African office will open in Lagos on August 12, 2024, with the Abuja office to follow suit.

He said: “I have built quite a number of partnerships but I think one of the prominent partnerships that I have built is the American Hospital Dubai. American Hospital Dubai is one of the top hospitals in Dubai and they want to come into Africa.

“I am their partner in sub-saharan Africa and it is my responsibility to take them to Nigeria, Ghana, Kenya, Zimbabwe, Zambia, South Africa, Ethiopia, Tanzania, Angola, you name them. It is my responsibility. So, I am operating with them across Sub-Saharan Africa.

“Their first office is going to be opened on August 12 this year in Lagos. After Lagos, it will be Abuja. In fact, if they arrive here in August, their office in Abuja would be getting set. They want to do it very fast.”

Princewill, however, was concerned that the current political crisis in Rivers State might impede the selection of Port Harcourt as the third office of AHD in Nigeria.

He said: “Of course, everybody will say that one of their natural locations should be Port Harcourt, but here I am struggling to convince them that Port Harcourt is the ideal location for them to establish their office.

“I shouldn’t be struggling, it should be a forgone conclusion, but because of the crisis in the state and the information that people have at hand about people in Rivers State, it is in the negative,” he stated.

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