The Economic and Financial Crimes Commission (EFCC) has urged the federal government to prohibit embassies from conducting transactions in foreign currencies within Nigeria, citing illegality and detrimental effects on the economy.<\/p>\n
<\/p>\n
In a letter addressed to Foreign Affairs Minister Yusuf Tuggar, EFCC Chairman Ola Olukoyede expressed concern over embassies charging visa fees and consular services in dollars and other foreign denominations. The commission called on the ministry to communicate its dissatisfaction to the embassies and caution them against flouting Nigeria’s regulations.<\/p>\n
<\/p>\n
According to EFCC, this practice violates Section 20(1) of the Central Bank of Nigeria Act, 2007, which designates currencies issued by the apex bank as the only legal tender in the country. The letter, dated April 5, emphasized the need for embassies to align their operations with Nigerian laws and financial regulations.<\/p>\n
<\/p>\n
The agency emphasized that the embassies’ refusal to adhere to Nigeria’s foreign exchange regulatory framework undermines the country’s sovereignty represented by the national currency. EFCC condemned this trend, particularly in a volatile economic climate where macroeconomic policies are constantly under scrutiny.<\/p>\n
<\/p>\n
In efforts to stabilize the naira and ensure compliance with forex regulations, EFCC resumed raids and recently apprehended several Bureau De Change operators at the Wuse Zone 4 market in Abuja.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Economic and Financial Crimes Commission (EFCC) has urged the federal government to prohibit embassies from conducting transactions in foreign currencies within Nigeria, citing illegality and detrimental effects on the economy. In a letter addressed to Foreign Affairs Minister Yusuf Tuggar, EFCC Chairman Ola Olukoyede expressed concern over embassies charging visa fees and consular […]<\/p>\n","protected":false},"author":14,"featured_media":31045,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-31044","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/31044","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=31044"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/31044\/revisions"}],"predecessor-version":[{"id":31046,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/31044\/revisions\/31046"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/31045"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=31044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=31044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=31044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}