The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to schools, supermarkets, hotels, and other entities operating in Nigeria, cautioning them against the practice of charging for their services in foreign currencies, particularly the dollar.
Ola Olukoyede, the Chairman of EFCC, conveyed this message in the latest edition of the commission’s monthly e-magazine, which was released on Monday. Olukoyede emphasized that the commission would not hesitate to prosecute individuals found engaging in the act of dollarizing the economy.
Olukoyede further stressed that any individual or entity found accepting payment in dollars for goods or services would face legal consequences in accordance with Nigerian laws. He asserted that the EFCC would actively pursue legal action against schools, supermarkets, hotels, real estate developers, and other businesses that transact in dollars instead of the local currency, the naira.
“We have already commenced securing convictions. Whether it’s schools charging Nigerians in dollars, supermarkets conducting transactions in dollars, real estate developers selling property in dollars, or hotels issuing invoices in dollars, we are taking decisive action,” Olukoyede stated.
He clarified that while it is permissible for foreigners to use their credit cards and dollars for transactions when entering the country, using the dollar as the primary medium of exchange within the local economy is illegal and against Nigerian law. Olukoyede emphasized the importance of proper documentation for such transactions.
“Our legal framework does not permit such practices. We have already made arrests in this regard,” Olukoyede affirmed.
