Connect with us

latest

EFCC Directs Foreign Missions And Nigerian Embassies To Cease Dollar Transactions, Mandates Naira Usage 

Published

on

EFCC Directs Foreign Missions And Nigerian Embassies To Cease Dollar Transactions, Mandates Naira Usage 
The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to foreign missions in Nigeria, prohibiting them from conducting transactions in foreign currencies and mandating the use of the Naira in their financial dealings.....KINDLY READ THE FULL STORY HERE▶

The EFCC has further instructed Nigerian embassies abroad to accept Naira in their financial transactions.

This directive aims to combat the dollarization of the Nigerian economy and safeguard the integrity of the Naira.

In an advisory addressed to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, entitled “EFCC Advisory to Foreign Missions against Invoicing in US Dollar,” the anti-graft commission expressed concern and disapproval regarding the practice of some foreign missions invoicing consular services to Nigerians and other foreign nationals in the country in United States dollars (USD).

Don Jazzy Breaks Silence On Divorce, Reveals Why Reconciliation Is Impossible.

In a letter dated April 5, 2024, sent to the Ministry of Foreign Affairs, EFCC Chairman, Ola Olukoyede, expressed dismay over the invoicing of consular services in Nigeria by foreign missions in USD, citing Section 20(1) of the Central Bank of Nigeria Act, 2007, which designates currencies issued by the apex bank as the sole legal tender in Nigeria.

The commission emphasized that any transaction conducted in currencies other than the Naira within Nigeria contravenes the law and is therefore illegal.

EFCC highlighted that the refusal of some missions to accept the Naira for consular services in Nigeria and comply with the foreign exchange regulatory regime undermines Nigeria’s sovereignty represented by the national currency.

Such actions, according to EFCC, not only violate Nigeria’s monetary policy but also hinder the country’s aspiration for sustainable economic development.

Oyo Lawmakers Clash as Alaafin Loses Bid for Permanent Chairmanship

The commission urged the Ministry of Foreign Affairs to convey its dissatisfaction to all missions in Nigeria and reiterate Nigeria’s expectation for their operations to align with existing laws and regulations in the country.

When approached for comments, EFCC spokesperson Dele Oyewale declined to provide further information.

Meanwhile, EFCC has resumed raids as part of efforts to stabilize the Naira. Recently, EFCC operatives arrested several Bureau De Change operators at the Wuse Zone 4 market in Abuja, following resistance during a sting operation.

These raids aim to sanitize markets from street traders and combat illicit trading practices. In recent weeks, EFCC has intensified efforts to combat currency speculation and foreign exchange fraud, arresting numerous individuals involved in such activities.

Stay connected via Google News
Follow us for the latest travel updates and guides.
Add as preferred source on Google
Advertisement

latest

2027: Tinubu Will Lose If ADC Is On Ballot – Amaechi.

Published

on

Former Minister of Transportation, Rotimi Amaechi, has stated that President Bola Tinubu would lose the 2027 presidential election if the African Democratic Congress (ADC) is allowed to participate fully.....KINDLY READ THE FULL STORY HERE▶

News reports that Amaechi made the claim during an appearance on Channels Television’s breakfast programme on Friday.

He criticised the Tinubu administration and the All Progressives Congress (APC), accusing them of interfering in opposition parties and attempting to weaken potential challengers ahead of the election.

Unpaid Bonuses Rock Super Eagles Ahead Of Algeria Showdown.

Amaechi argued that regardless of whether the election is free or flawed, Tinubu would be defeated if credible opposition candidates are on the ballot.

He also dismissed interpretations of a Court of Appeal ruling suggesting the opposition was leaderless, insisting that such claims misrepresent the law.

According to him, the government is working to prevent strong opponents from emerging by using institutions, including the judiciary, to influence party structures.

Oyo Lawmakers Clash as Alaafin Loses Bid for Permanent Chairmanship

Amaechi called on authorities to allow political institutions to function independently and ensure that all parties can field candidates without interference.

He maintained that Nigerians would ultimately decide at the polls, questioning the administration’s chances amid economic challenges and ongoing insecurity.

“How can he win with the current state of the economy and security situation?” he asked.

Stay connected via Google News
Follow us for the latest travel updates and guides.
Add as preferred source on Google
Continue Reading

latest

Airtel Suspends Airtime And Data Credit Services In Nigeria.

Published

on

Airtel Nigeria has announced the temporary suspension of its airtime and data credit services, which previously allowed eligible prepaid customers to borrow airtime or data and repay on their next recharge.....KINDLY READ THE FULL STORY HERE▶

reports that the telecom operator said the decision is part of ongoing operational adjustments driven by evolving regulatory requirements in Nigeria’s telecommunications sector.

In a statement on Friday, the Director of Corporate Communications and CSR, Femi Adeniran, explained that the move was necessary to ensure compliance with current industry standards.

Oyo Lawmakers Clash as Alaafin Loses Bid for Permanent Chairmanship

He added that the suspension aligns with broader efforts to meet regulatory and operational guidelines governing telecom services in the country.

Despite the suspension, Airtel assured customers that normal services remain unaffected, noting that subscribers can still purchase airtime and data through regular channels.

The company further stated that the temporary pause will not impact network performance or overall service delivery nationwide.

Reacting to the development, Airtel Nigeria’s Director of Marketing, Ismail Adeshina, described the decision as necessary and responsible.

He said: “This is a necessary and responsible step as we align our operations with evolving requirements. Airtel Nigeria remains committed to the highest standards of compliance, transparency, and consumer protection, while continuing to innovate responsibly within Nigeria’s digital ecosystem.”

Unpaid Bonuses Rock Super Eagles Ahead Of Algeria Showdown.

Airtel added that further updates on the suspended service will be communicated in due course.

The development comes amid growing regulatory scrutiny of digital lending and credit-based telecom services in Nigeria.

Stay connected via Google News
Follow us for the latest travel updates and guides.
Add as preferred source on Google
Continue Reading

latest

Tinubu Signs 2026 Budget, Expands 2025 Appropriation Bill Into Law.

Published

on

President Bola Ahmed Tinubu has signed the ₦68.32 trillion 2026 Appropriation Bill into law.....KINDLY READ THE FULL STORY HERE▶

reports that the development was announced on Friday in a statement by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.

The 2026 budget provides a total expenditure of ₦68.32 trillion. Tinubu also approved the extension of the 2025 budget implementation period from March 31, 2026, to June 30, 2026.

Of the total budget, ₦4.799 trillion is allocated to statutory transfers, ₦15.8 trillion to debt servicing, ₦15.4 trillion to recurrent expenditure, and ₦32.2 trillion to capital projects under the Development Fund.

With capital spending accounting for about 50 percent, the budget reflects the administration’s focus on economic stability, security, infrastructure development, and inclusive growth.

Massive Gain for Troops as Boko Haram Camp Falls, 10 Militants Wiped Out

The allocation structure is designed to balance statutory commitments, debt obligations, recurrent costs, and capital investments aimed at boosting productivity and improving living standards.

The President also signed the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, extending the implementation of the 2025 capital budget to June 30, 2026.

The extension is expected to ensure full utilisation of funds for ongoing infrastructure and development projects across the country.

It will also allow Ministries, Departments, and Agencies (MDAs) to complete ongoing projects, improve execution rates, and maximise public spending value.

With the 2026 Appropriation Act taking effect from April 1, the Federal Government is set to begin full implementation in line with the Renewed Hope Agenda.

Popular Nollywood Special Effects Artist James Akaie Dies In Film Set Explosion.

Tinubu directed MDAs to ensure transparency, discipline, and efficiency in the use of allocated resources, stressing value for money and timely project delivery.

He commended the National Assembly for its swift consideration and passage of the budget, and reiterated the importance of cooperation between the Executive and Legislature in driving national development.

The President also reaffirmed his administration’s commitment to fiscal reforms, stronger revenue generation, job creation, and expanded social protection programmes.

Stay connected via Google News
Follow us for the latest travel updates and guides.
Add as preferred source on Google
Continue Reading

Trending

Copyright © 2023 NIVONEWS

×