The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to establishments such as schools, supermarkets, hotels, and others, cautioning against the practice of charging for services in dollars or any foreign currency within the country.
Ola Olukoyede, EFCC’s Chairman made the announcement on Monday, in the latest edition of the commission’s monthly e-magazine, EFCC Alert.
Olukoyede threatened to prosecute anyone found engaging in dollarization of the economy. He emphasized that such actions would be treated as criminal offenses in accordance with Nigerian laws.
“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.
“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.
He emphasized the EFCC’s commitment to eradicating illegal forex trading and ensuring that currency traders operate within the bounds of the law, complementing the efforts of the Central Bank of Nigeria in this regard.
“We are not going to relent. We are going to continue until we eradicate mutilation of currency, and illegal dealing in forex. Another area is in the area of illegal forex trading.
“Coupled with the activities of the CBN, we are trying to ensure that those involved in currency trading are properly licensed, regulated, and do their documentation properly,” he stated.
