The Economic and Financial Crimes Commission (EFCC) has mandated that foreign embassies in Nigeria conduct all transactions solely in the local currency, Naira, halting the use of dollar transactions.
A reliable source within the EFCC informed Channels Television about this development, confirming that the commission had issued an advisory to the Ministry of Foreign Affairs. This advisory instructs that all financial dealings at foreign missions must be carried out using the Naira.
The EFCC clarified that this directive is aimed at bolstering the Naira’s stability. Over the past year, the Naira’s value has dramatically declined, dropping from approximately N700/$1 to about N1,400/$1 following the closure of foreign exchange platforms during President Bola Tinubu’s administration.
In addition to this, the EFCC has advised compliance officers at Nigerian banks to refrain from disclosing the agency’s investigative activities to their clients.
Chairman of the EFCC, Ola Olukoyede, emphasized this during a recent meeting with Compliance Officers of Banks in Oyo State, conveyed by the Acting Zonal Director of the Ibadan Zonal Command, ACE I Hauwa Garba Ringim.
In a statement released by the EFCC on Saturday, the agency expressed concerns that compliance officers were sharing information with clients regarding EFCC’s investigation letters sent to banks. This practice, according to Olukoyede, hampers financial crime investigations and delays the prosecution of corruption cases in court.
