EFCC Warns Against Dollar Transactions
EFCC Chairman Ola Olukoyede recently warned Nigerian businesses, including schools, supermarkets, hotels, and estate developers, against charging in foreign currencies. The message in the EFCC Alert magazine emphasizes that such practices are strictly forbidden in Nigeria.
Threats of Legal Action
Olukoyede made it very clear that anyone caught using dollars in transactions within Nigeria will face serious consequences under Nigerian law. The EFCC is resolutely committed to treating these actions as criminal offenses and will promptly take legal action against offenders without hesitation.
Convictions and Enforcement
Olukoyede revealed that the EFCC has already started securing convictions in cases related to dollar transactions. The commission has actively arrested individuals in various sectors, such as schools, supermarkets, estate development, and hospitality, upon detecting the use of dollars.
Crackdown on Offenders
The EFCC chairman stressed that the commission will not tolerate any form of dollarization of the economy. He specifically mentioned schools charging fees, supermarkets making sales, estate developers selling properties, and hotels invoicing in dollars as areas of concern. Olukoyede emphasized that these practices go against Nigerian law and harm the local currency, the naira.
Clarification on Foreign Transactions
While acknowledging that it is okay to use dollars in transactions with foreigners, Olukoyede highlighted the importance of proper documentation and following regulations. He emphasized that transactions within Nigeria must be done using the naira, as required by Nigerian law.
Conclusion
The EFCC’s warning reminds businesses and individuals in Nigeria to follow the rules on currency transactions. The commission is committed to enforcing these rules and prosecuting offenders. Those who break the law risk facing severe consequences. It is crucial to protect the integrity of the Nigerian currency and uphold the nation’s financial system.
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