Currency depreciation: EFCC moves against Foreign missions in Nigeria

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As the Nigerian currency continues to tumble, the Economic and Financial Crimes Commission has warned foreign missions not to demand foreign currency for goods and services in the country.

The chairman of EFCC, Ola Olukoyede, gave the strong warning in a special memo addressed to the Minister of Foreign Affairs, which was sighted by Saturday Vanguard.

Part of the memo reads: “I present to you the compliments of the Economic and Financial Crimes Commission, EFCC, 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.

“The refusal by some Missions to accept the naira for consular service in Nigeria and also comply with foreign exchange regulatory regime in fixing the exchange of the cost of their services is not only illegal, but represents an affront on the Country’s sovereignty symbolized by the national currency. It undermines Nigeria’s monetary policy and aspiration for sustainable economic development.

 

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