Naira Crisis: EFCC warns foreign missions in Nigeria against FX transactions

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EFCC News

Naira Crisis

The Economic and Financial Crimes Commission, EFCC, has warned foreign missions operating in Nigeria against conducting financial transactions in foreign currencies. Instead, the anti-grant agency told the missions that they must now use the Nigerian Naira for all their financial dealings stipulated by Nigerian law.

The EFCC has also made it compulsory for Nigerian foreign missions abroad to accept Naira in their financial businesses. In a recent advisory to Yusuf Tuggar, the minister of foreign affairs, titled: “ EFCC Advisory to Foreign Missions against Invoicing in US Dollar,” the EFCC 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.

“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,” the letter read.

Source: Law Daily Report (lawdailyreport.net)

Naira Crisis

 

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