EFCC Raises Concerns Over Foreign Missions’ Use of Third Parties in Forex Transactions

The Economic and Financial Crimes Commission (EFCC) has shed light on foreign missions’ utilization of third parties for foreign currency transactions within Nigeria, highlighting potential legal implications and the commission’s stance on the matter.

Wilson Uwujaren, the EFCC’s acting director of public affairs, addressed this issue in an interview on Arise Television, clarifying recent reports regarding the commission’s advisory letter to the Minister of Foreign Affairs, Yusuf Tuggar.

Contrary to misleading headlines, Uwujaren emphasized that the EFCC’s intention was not to impose a ban or direct foreign missions on their financial practices. Rather, it sought to address observed discrepancies in compliance with Nigerian laws regarding currency transactions.

The commission raised concerns over instances where foreign missions outsourced consular services to third parties who invoiced in foreign currencies, often determining exchange rates for transactions within Nigeria. Such practices, deemed inconsistent with Nigerian regulations, prompted the EFCC to intervene.

Uwujaren clarified that the EFCC’s advisory was directed to the Ministry of Foreign Affairs, with the aim of highlighting potential violations of the Central Bank of Nigeria Act, which designates the naira as the sole legal tender within the country’s borders.

While acknowledging the diplomatic privileges enjoyed by foreign missions, Uwujaren underscored the need to discourage dollarization of transactions within the local Nigerian economy. The EFCC’s enforcement efforts include a dedicated task force targeting naira abuse and forex malpractices across the nation.

Efforts to create awareness among stakeholders, including foreign missions and third-party service providers, have been initiated. However, Uwujaren emphasized that compliance with Nigerian laws remains the responsibility of all parties involved.

He urged Nigerians to report any instances of businesses or individuals conducting transactions in foreign currencies instead of the naira, reaffirming the EFCC’s commitment to safeguarding the integrity of the nation’s currency.

Share this:

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *