Nigeria Strengthens Naira with New Directive on Embassy Transactions

The Economic and Financial Crimes Commission (EFCC) has announced a new directive aimed at strengthening the Nigerian Naira.

According to a source within the agency, the EFCC has advised the Ministry of Foreign Affairs to ensure that all transactions at foreign embassies in Nigeria are conducted in Naira.

The move comes as part of efforts to boost the value of the Naira, which has experienced a great decline in recent times, dropping from around N700/$1 to N1,400/$1 in just one year.

READ ALSO: Portable Pleads with EFCC for Forgiveness Over Naira Abuse Allegations

In a separate development, the EFCC has cautioned bank compliance officers against disclosing the agency’s investigative activities to their customers.

EFCC Chairman, Ola Olukoyede disclosed that sharing such information can compromise investigations and delay the prosecution of corruption cases.

The Agency, therefore, urged compliance officers to maintain confidentiality and support its efforts in combating financial crimes.