EFCC Issues Warning to Foreign Missions in Nigeria Regarding FX Transactions
Foreign missions in Nigeria have been cautioned by the Economic and Financial Crimes Commission (EFCC) against engaging in financial transactions using foreign currencies. Instead, the EFCC has mandated that these missions must now utilize the Nigerian Naira for all their financial activities as required by Nigerian law.
The EFCC has also set a requirement for Nigerian foreign missions abroad to conduct their financial transactions using the Naira. In a recent communication to Yusuf Tuggar, the Minister of Foreign Affairs, titled "EFCC Advisory to Foreign Missions against Invoicing in US Dollar," the EFCC expressed its concerns about foreign missions invoicing consular services in United States dollars to Nigerians and other foreign nationals.
Citing Section 20(1) of the Central Bank of...