In a bid to uphold the integrity of Nigeria’s currency and safeguard the local economy, the Economic and Financial Crimes Commission (EFCC) has issued a stern warning to schools, supermarkets, hotels, and other establishments against demanding payment in dollars from their local customers.
Ola Olukoyede, the Chairman of the EFCC, delivered the cautionary message in the latest edition of the commission’s monthly e-magazine, EFCC Alert, on Monday. He emphasized that any institution found engaging in the practice of dollarization within the country would face legal consequences.
“Schools that charge Nigerians in dollars, supermarkets that trade in dollars, estate developers that sell their property in dollars, hotels that are invoicing in dollars, we are coming after you and we have made arrests in that area,” Olukoyede declared.
He clarified that while transactions involving foreigners using credit cards or dollars are permissible, any form of currency exchange within the local economy using dollars as the medium of exchange is illegal under Nigerian law.
“Our law does not allow for that. And we have also affected some arrests,” Olukoyede affirmed.
The EFCC’s crackdown on institutions demanding dollar payments underscores its commitment to upholding the integrity of Nigeria’s financial system and preventing illicit financial activities. By enforcing strict adherence to local currency regulations, the commission aims to promote transparency, accountability, and economic stability within the country.
As the EFCC continues its efforts to combat illegal currency practices, stakeholders across various sectors are urged to comply with Nigerian legislation and refrain from engaging in activities that undermine the nation’s financial integrity. Failure to adhere to these regulations may result in legal repercussions and punitive measures by the authorities.
