The Economic and Financial Crimes Commission (EFCC) has set its sights on schools that charge tuition fees in dollars and other foreign currencies, as part of efforts to uphold the use of the naira as Nigeria’s legal tender.
Dele Oyewale, spokesperson for the EFCC, revealed that the commission is closely monitoring international schools and other institutions that flout regulations by accepting payments in foreign currencies. He stressed that such practices are illegal and contravene Nigerian law.
According to Oyewale, the EFCC has deployed a specialized task force comprising 7,000 operatives across its regional divisions to crack down on individuals and organizations involved in dollar-related fraud. This task force is responsible for monitoring not only cases of currency abuse but also other economic infractions that undermine the stability of the Nigerian economy.
“The EFCC is working to ensure that those breaking the rules find their way back to the right path so that the wrath of the law will not be on them,” Oyewale stated.
He reiterated that all transactions within Nigeria must be conducted in the naira, emphasizing that any deviation from this standard is a violation of the law. This includes not only schools but also hotels and other businesses operating in the country.
“Naira is the symbol of our economy, and everything that has to do with the economy in Nigeria must be done in naira,” Oyewale emphasized.
The EFCC’s crackdown on schools charging tuition fees in foreign currency underscores its commitment to upholding financial regulations and safeguarding the integrity of Nigeria’s monetary system. As the commission continues its enforcement efforts, stakeholders are urged to comply with legal requirements and conduct transactions in accordance with established norms. Failure to do so may result in severe penalties under Nigerian law.
