HomeBUSINESSEFCC Halts Dollar Transactions at Foreign Embassies To Enforce Nigerian Currency Mandate

EFCC Halts Dollar Transactions at Foreign Embassies To Enforce Nigerian Currency Mandate

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EFCC Halts Dollar Transactions at Foreign Embassies To Enforce Nigerian Currency Mandate

 

Afor Kenneth

The Economic and Financial Crimes Commission (EFCC) has implemented a directive to halt dollar transactions at foreign embassies in Nigeria, mandating that only the Nigerian local currency be used for transactions.

A source within the EFCC confirmed this development to Channels Television, revealing that the Commission issued an advisory to the Ministry of Foreign Affairs regarding the matter.

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The EFCC explained that this directive aims to bolster the Naira, emphasizing the need to conduct all transactions at foreign missions in Naira. This move comes amid concerns over the significant depreciation of the Naira, which plummeted from approximately N700/$1 to around N1,400/$1 over the past year following the collapse of foreign exchange windows during the administration of President Bola Tinubu.

Additionally, the EFCC has cautioned compliance officers of banks in Nigeria against disclosing the agency’s investigative activities to their customers. EFCC Chairman, Ola Olukoyede, delivered this message during a stakeholders’ meeting with Compliance Officers of Banks in Oyo State on Tuesday, May 7, 2024.

The agency highlighted the detrimental impact of such disclosures on the investigation of financial crimes and the timely prosecution of corruption cases.

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