EFCC to Crack Down on Schools, Hotels others Accepting Dollar Payments

The EFCC is intensifying efforts to curb currency abuse in schools by monitoring those that charge tuition fees in foreign currencies.

This crackdown aims to uphold Nigerian law and promote the use of the naira as the sole legal tender, with a specialized task force established to investigate and take action against violators.

The Economic and Financial Crimes Commission (EFCC) is intensifying efforts to address the issue of schools charging tuition fees in dollars and other foreign currencies, which puts pressure on the naira.

VerseNews reports that Dele Oyewale of the EFCC revealed that a specialized team of 7,000 personnel has been assigned to combat currency fraud across various EFCC regional divisions, with a specific focus on schools and other institutions suspected of engaging in illegal practices.

Oyewale emphasized the illegality of accepting payments in foreign currencies, stressing that all transactions within Nigeria must be conducted in naira to uphold the country’s economic integrity and legal framework.

He said, “The task force is not just to monitor naira abuse alone but for the whole economy. So, the EFCC is working to ensure that those breaking the rules find their way back to the right path so that the wrath of the law will not be on them.

“Yes, everyone knows that it is illegal to charge in other denominations apart from the naira. Whether in Chinese or American currency, any transaction that is not denominated in naira in Nigeria, the EFCC is against it.

“So, the task force is in place to check that and Nigerians should be happy about that. It is not just schools, hotels but other entities across the country that are doing this must come back to the naira as our legal tender.’’

“Naira is the symbol of our economy and everything that has to do with the economy in Nigeria must be done in naira.’’