EFCC Stops Dollar Transactions at Foreign Embassies, Urge Banks to Maintain Confidentiality

The Economic and Financial Crimes Commission (EFCC) has issued a directive prohibiting dollar transactions at foreign embassies in Nigeria, stipulating that only the Nigerian local currency should be used for transactions.
A source within the EFCC confirmed this development, stating that the commission sent an advisory to the Ministry of Foreign Affairs.
The EFCC explained that this directive is part of its efforts to bolster the Naira, which has witnessed a significant decline in value over the past year, plummeting from around N700/$1 to approximately N1,400/$1 following the collapse of foreign exchange windows under the President Bola Tinubu administration.
In a related development, the EFCC cautioned compliance officers of banks in Nigeria against disclosing the agency’s investigative activities to their clients.
EFCC Chairman, Ola Olukoyede, made the call on Tuesday, May 7, 2024, through the Acting Zonal Director of the Ibadan Zonal Command of the EFCC, ACE I Hauwa Garba Ringim, during a stakeholders’ meeting with Compliance Officers of Banks in Oyo State.
In a statement released by the agency on Saturday, the EFCC said it is aware of the fact that Compliance Officers give information to their clients regarding ‘letters of investigation activities’ written to the banks from the EFCC.
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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