Naira crash: EFCC bans dollar transactions at embassies

As part of efforts to prevent further crash of the naira, the Economic and Financial Crimes Commission has banned foreign missions based in in the country from transacting in foreign currencies, and mandating the use of Nigeria’s currency in their financial transactions.

In an advisory to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, titled: “EFCC Advisory to Foreign Missions against Invoicing in US Dollar,” the anti-graft agency expressed reservations and displeasure “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 letter reads: “I present to you the compliments of the Economic and Financial Crimes Commission, 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 .

“This presupposes that any transaction in currencies other than the naira anywhere in Nigeria contravenes the law and is, therefore, illegal.”

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