The Nigeria Communications Commission (NCC) is in the process of reviewing Forex requests by telecom operators on tangible and intangible foreign transactions, the commission said.
The NCC’s Executive Vice Chairman, Prof Umar Garba Danbatta, who disclosed this at the stakeholders’ forum yesterday, said the review is imperative considering the fact there had been increased in volumes of foreign based transactions by Nigerian telecom operators.
Represented by Mr Bashir Idris, Head Competition and Tariff Unit of the NCC, the EVC said the commission had observed instances of over-quoted invoices, double submissions and untenured contracts.
The commission, he said, had also observed demand notices not backed by required valid contract agreements, which often result in raising queries or outright decline of the affected invoices.
He said the Central Bank of Nigeria had sought the assistance of the commission to address the increased demand for foreign exchange and the challenges to ensure the country isn’t short-changed.
