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Foreign missions violating dollar transaction regulations says EFCC

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The Economic and Financial Crimes Commission (EFCC) has alleged the foreign missions in Nigeria of violating the dollar transaction regulations.

Wilson Uwujaren, the Director of Public Affairs of the commission, stated this in an interview on Channel Television.

According to him, some third-party agents work for foreign missions to circumvent transaction regulation by invoicing in dollars.

Remember that the anti-graft read the riot act to foreign missions based in Nigeria, banning them from transacting in foreign currencies and mandating the use of the naira in their financial businesses.

The Director of Public Affairs said that naira is the only legal tender in Nigeria, saying the commission had updated the Foreign Affairs Ministry on the development.

“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 acceptable for transactions anywhere across the country.

“We found situations that 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. The government has the responsibility to rule the protocol and channel of communication to bring this observation to the attention of the foreign mission to advise them to ensure that their activities do not go against our laws,” he said.

 

 

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