The Economic and Financial Crimes Commission (EFCC) has ordered foreign missions based in Nigeria to stop transacting in foreign currencies and instead use the Naira for their financial businesses. Additionally, Nigerian foreign missions abroad are required to accept Naira for their financial transactions.
This move aims to combat the dollarization of the Nigerian economy and the devaluation of the Naira .
The EFCC expressed its disapproval of foreign missions invoicing consular services in US dollars in an advisory to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar.
The EFCC Chairman, Ola Olukoyede, emphasized that this practice is illegal and conflicts with existing laws and financial regulations in Nigeria. The Central Bank of Nigeria Act, 2007, states that currencies issued by the apex bank are the only legal tender in Nigeria .
The EFCC has resumed raids to stabilize the Naira, arresting Bureau De Change operators and suspected currency speculators for alleged foreign exchange fraud.
The commission aims to sanitize the market and eliminate arbitrary trading. However, some traders resisted the arrests, leading to gunshots and damage to the operatives’ vehicles .
EFCC has taken measures to address the dollarization of the Nigerian economy and the devaluation of the Naira by mandating the use of Naira in financial transactions for foreign missions in Nigeria and abroad.
The commission has also taken enforcement actions against currency speculators and traders to stabilize the Naira.
………
For Advertisement, Event Coverage, Public Relations, Story/Article Publication, and other Media Services, kindly send an email to: thelegendnews25@gmail.com. To stay updated with the latest news, health updates, happenings,Sports and interesting stories, visit thelegendnewsng.com . THE OBINJA MEDIA COMMUNICATIONS (Publisher of TheLegendNews/THELEGENDTV)
