The Economic and Financial Crimes Commission (EFCC) has frowned on the use of foreign currencies for financial transactions in Nigeria, saying this could disrupt the nation’s stability.
The acting Zonal Director of the agency in Ilorin, Mrs Victoria Ugo-Ali, informed the Central Bank of Nigeria (CBN) that the EFCC chairman, Mr Ola Olukoyede, is determined to curb the increasing preference for foreign currencies in domestic transactions, describing the practice “as a serious threat to the stability of the nation’s financial system.”
Speaking during a courtesy visit to the Branch Controller of the Ilorin Branch of the central bank, Mr Monga Muhammed, on Tuesday, Mrs Ugo-Ali noted that “many economic and financial crimes are perpetrated through financial institutions,” stressing the importance of timely intelligence and reports on suspicious transactions.
She called on the apex bank to continue providing the commission with relevant financial intelligence that would aid investigations and help curb money laundering and other financial crimes.
She also reiterated that the growing preference for foreign currencies in local transactions undermines the value of the naira and weakens public confidence in the national currency.
In his response, Mr Muhammed commended the Zonal Director and the management team of the EFCC for the visit, promising to sustain and deepen the already cordial relationship between the two organisations.
He described the engagement as the first of its kind and expressed optimism that it would further strengthen the cooperation between both institutions.
“At our end here, we will continue to partner with you because we carry out complementary functions. While your duty is to tackle economic and financial crimes, our responsibility, primarily as the apex bank, is to stabilise the economy and regulate financial institutions. We will not fail in that regard,” he said.
The CBN Branch Controller further disclosed that the apex bank had put several measures in place to address naira abuse and the dollarisation of the economy.
According to him, the CBN has the capacity to track currency in circulation and would not hesitate to apply appropriate sanctions against individuals or organisations found trading illegally in the nation’s currency.