UPDATE: EFCC STOPS DOLLAR TRANSACTIONS AT FOREIGN EMBASSIES IN NIGERIA
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At foreign embassies in Nigeria, dollar transactions has been stopped by the Economic and Financial Crimes Commission (EFCC).
According to the anti-graft bureau, the sole acceptable form of payment for transactions in foreign embassies should be Nigerian local currency.
The development was confirmed by an EFCC source. The source claims that the commission advised the Ministry of Overseas Affairs that all payments at overseas missions have to be made in Naira.
The instruction, according to the Commission, is a component of the Naira’s strengthening measures. In the year when the President Bola Tinubu administration’s foreign exchange windows collapsed, the value of the naira fell from about N700/$1 to almost N1,400/$1.
In the meantime, Nigerian bank compliance officers have received a warning from the EFCC not to tell their clients about the anti-graft agency’s ongoing investigations.
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During a stakeholders’ meeting with Compliance Officers of Banks in Oyo State on Tuesday, May 7, 2024, EFCC Chairman Ola Olukoyede made the call through the Acting Zonal Director of the Ibadan Zonal Command of the EFCC, ACE I Hauwa Garba Ringim.
The EFCC acknowledged in a statement issued on Saturday that it is aware that compliance officers tell their clients about “letters of investigation activities” that the agency has sent to banks.
The anti-graft agency boss said the act usually jeopardises the investigation exercise of financial crimes and delay corruption cases from being filed before the law court.
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