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Don’t transact in dollar – EFCC warns schools, hotels, others.

 

The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to schools, supermarkets, hotels, and other entities, urging them to refrain from conducting transactions in dollars or any other foreign currency within the country.

In the latest edition of the commission’s monthly e-magazine, EFCC Chairman Ola Olukoyede emphasized the gravity of the situation, asserting the intention to take legal action against those who engage in dollarizing the economy.

Olukoyede cautioned that individuals or businesses found accepting dollars for goods or services would face severe consequences under Nigerian law, including possible imprisonment.

He further pledged that the EFCC would actively pursue legal action against schools, supermarkets, hotels, real estate developers, and other businesses that persist in using dollars instead of the local currency, the naira.

“We have also started securing convictions. Schools that charge Nigerians in dollar, supermarkets that trade in dollar, estate developers that sell their property in dollar, hotels that are invoicing in dollar, we are coming after you and we have made arrests in that area.

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“Yes, if foreigners are coming in and the only means of transacting is their credit card, and dollar, why not, you will get that.

“But document it properly as against selling things within the system, local economy and you will be using dollar as the medium of exchange, it is illegal.

“Our law does not allow for that. And we have also effected some arrests,” he said.

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