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Foreign Missions Violating Dollar Transaction Guidelines – EFCC Alleges
The Economic and Financial Crimes Commission (EFCC) has alleged that certain third-party agents employed by foreign missions are bypassing transaction regulations by issuing invoices in dollars.
Wilson Uwujaren, the Director of Public Affairs of the commission, made this claim in an interview on Channel TV’s Politics Today.
In response to this issue, the EFCC issued a warning to foreign missions in Nigeria on Saturday, instructing them to conduct their financial transactions in naira and prohibiting the use of foreign currencies.
Uwujaren reiterated the fact that the naira is the only accepted legal tender in Nigeria during his interview with Channels on Monday, mentioning that the commission had already notified the Foreign Affairs Ministry about this matter.
“Section 20 sub-section 1 of the EFCC Act says that the naira is the only legal tender in Nigeria, meaning that it is the only currency that is acceptable for transactions anywhere across the country.
“We found situations where third-party working for missions circumvent that regulation by invoicing in dollars. A number of them go to the extreme of determining the exchange value of naira in their transactions.
“This is worrisome to us. So we have to bring this to the Foreign Affairs Ministry.”
Uwujaren emphasized the government’s duty to oversee the protocol and communication channels in order to alert foreign missions about potential violations of our laws and provide guidance on compliance.
