EFCC Accuses Foreign Missions of Violating Dollar Transaction Guidelines

According to the Economic and Financial Crimes Commission (EFCC), some third-party agents working for foreign missions are allegedly skirting transaction rules by carrying out invoicing in dollars.

Wilson Uwujaren, EFCC’s Director of Public Affairs, made this revelation in an interview on Channel TV’s Politics Today as reported by NewsNow.

It is worth noting that EFCC recently issued a warning to foreign missions operating in Nigeria, instructing them to cease using foreign currencies in transactions and to adhere to the use of the naira in their financial dealings.

During the Channel TV interview, Uwujaren emphasized that the naira is the sole legal tender in Nigeria and that the Commission has communicated this to the Ministry of Foreign Affairs.

He explained, “According to Section 20 sub-section 1 of the EFCC Act, the naira is the only legally accepted currency in Nigeria, meaning that it is the sole currency permissible for transactions throughout the country.”

“We have identified instances where third-party agents working for missions are sidestepping this regulation by conducting transactions in dollars. Some of them even determine the exchange rate for naira in their dealings.

“This conduct is a cause for concern. Therefore, we have alerted the Ministry of Foreign Affairs. It is the government’s duty to establish the appropriate protocol and means of communication to relay these observations to foreign missions and advise them to ensure compliance with our laws.”

The post EFCC Accuses Foreign Missions of Violating Dollar Transaction Guidelines appeared first on NewsNow Nigeria.

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