EFCC cautions schools, hotels, and others against conducting transactions in dollars.

The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to schools, supermarkets, hotels, and other establishments against charging for services in dollars or any foreign currency within the country.

In the latest edition of the commission’s monthly e-magazine released on Monday, EFCC Chairman Ola Olukoyede threatened to prosecute individuals who engage in dollarizing the economy.

Olukoyede emphasized that charging in dollars for goods or services would be treated as a criminal offense under Nigerian law.

He asserted that the EFCC would pursue legal action against schools, supermarkets, hotels, estate developers, and businesses that conduct transactions in dollars instead of the local currency, the naira.

“We have begun to secure convictions. Schools, supermarkets, estate developers, and hotels that trade or invoice in dollars will be pursued, and arrests have already been made in this regard,” he stated.

While acknowledging that transactions involving foreign visitors using credit cards or dollars are permissible, Olukoyede emphasized the illegality of conducting business within the local economy using dollars as a medium of exchange.

He concluded by reaffirming that such practices are against Nigerian law, and individuals found engaging in them will face legal consequences.