 |
| EFCC Flags Violations in Dollar Transactions by Foreign Missions' Agents |
The EFCC issued a stern warning to foreign missions in Nigeria on Saturday, prohibiting transactions in foreign currencies and requiring the use of the Nigerian naira for all financial dealings.
The Economic and Financial Crimes Commission (EFCC) has pointed out that certain third-party agents representing foreign missions are bypassing regulations by billing in dollars.
This was disclosed by Wilson Uwujaren, the Public Affairs Director of the commission, during his appearance on Channel TV’s Politics Today.
The EFCC issued a stern warning to foreign missions in Nigeria on Saturday, prohibiting transactions in foreign currencies and requiring the use of the Nigerian naira for all financial dealings.
In a Monday interview on Channels, Uwujaren emphasized that the naira is Nigeria's sole legal currency, as per the commission's notification to the Ministry of Foreign Affairs.
He explained, “According to Section 20 sub-section 1 of the EFCC Act, the naira is the exclusive legal tender in Nigeria, which means it's the only currency approved for transactions nationwide.
“We've observed instances where third-party agents for missions sidestep this rule by issuing invoices in dollars. Some even go as far as setting the exchange rate for the naira in their dealings.
“This raises concerns for us. Therefore, we've communicated this issue to the Ministry of Foreign Affairs. It's the government's duty to manage protocols and communication channels to inform foreign missions of this concern and urge them to comply with our national laws.”
