The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to hotels, schools, and other establishments accepting payments in dollars from customers, urging them to cease this practice or be prepared to face potential arrests and legal consequences.
The Chairman of the Agency,Ola Olukoyede,made this declaration in the agency’s publication, EFCC Alert, on Monday. He emphasized that individuals engaged in the dollarization of the economy would face consequences as the agency would take action against such activities.
He clarified that the only exception would be for foreign individuals conducting business transactions using credit cards and dollars.
However, charging local customers in dollars or any other foreign currency will no longer be permissible. This practice, he emphasized, is in violation of Nigeria’s constitution.
The EFCC chairman emphasized, “We are coming after schools, supermarkets, estate developers, and hotels that charge Nigerians in dollars or conduct transactions in dollars. We have already made arrests in this regard.”
“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 affected some arrests.”
