fbpx
Connect with us

News

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.

Published

on

schools
EFCC Operatives

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.

Advertisement

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.’’

Advertisement

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

whatsapp chat for versenews

Stay ahead with VerseNews. Get the latest breaking news, insightful analysis, and trending stories. Your go-to source for timely updates and unbiased reporting.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

WATCH: Nigeria Newspaper Headline Today

Apply For Latest Job Openings

Trending

JUST IN: FG Bans Money Ritüal, Smöking, Crime Scenes In Nollywood Films JUST IN: FG Bans Money Ritüal, Smöking, Crime Scenes In Nollywood Films
Entertainment2 hours ago

JUST IN: FG Bans Money Ritüal, Smöking, Crime Scenes In Nollywood Films

The Federal Government of Nigeria has approved regulations prohibiting the depiction of money rituals, ritual killings, tobacco use, and other...

I'm Obsessed With Ayra Starr - Tiwa Savage I'm Obsessed With Ayra Starr - Tiwa Savage
Entertainment5 hours ago

I’m Obsessed With Ayra Starr – Tiwa Savage

Tiwa Savage recounted facing heavy criticism for her "sexy" style and "risky" lyrics early in her career, and praised Ayra...

Late Access Bank CEO’s varsity, Wigwe University Announces Resumption Date, Tuition Fee Late Access Bank CEO’s varsity, Wigwe University Announces Resumption Date, Tuition Fee
Education1 week ago

Late Access Bank CEO’s varsity, Wigwe University Announces Resumption Date, Tuition Fee

Wigwe University, founded by the late Herbert Wigwe, will launch in August 2024 in Isiokpo, Rivers State, offering programs across...

7 Inspiring Facts About Eagles That Will Motivate You Every Day 7 Inspiring Facts About Eagles That Will Motivate You Every Day
Lifestyle1 week ago

7 Inspiring Facts About Eagles That Will Motivate You Every Day

Discover the inspiring qualities of eagles that can motivate you every day, from their exceptional vision and fearlessness to their...

Tacha Reveals Cost Of Her Outfit At AMVCA 2024 Tacha Reveals Cost Of Her Outfit At AMVCA 2024
Entertainment1 week ago

Tacha Reveals Cost Of Her Outfit At AMVCA 2024

Former BBNaija star Tacha reveals her $100k outfit for AMVCA 2024, sparking mixed reactions online, adding to her reputation as...

When Is It Wrong To Say "I'm Sorry" In A Relationship? When Is It Wrong To Say "I'm Sorry" In A Relationship?
Relationship1 week ago

When Is It Wrong To Say “I’m Sorry” In A Relationship?

Saying "I'm sorry" in a relationship is crucial but can be damaging if overused, used manipulatively, or when one hasn't...

Tinubu’s Government To Borrow Fresh N3.35trn ($2.25bn) From World Bank Tinubu’s Government To Borrow Fresh N3.35trn ($2.25bn) From World Bank
Politics1 week ago

Tinubu’s Government To Borrow Fresh N3.35trn ($2.25bn) From World Bank

President Tinubu's government is set to secure a $2.25 billion loan from the World Bank, with exceptionally favorable terms including...

I Was Offered Money To Impeach Fubara - Rivers Governor's Aid, Ehie Confesses I Was Offered Money To Impeach Fubara - Rivers Governor's Aid, Ehie Confesses
Politics1 week ago

I Was Offered Money To Impeach Fubara – Rivers Governor’s Aid, Ehie Confesses

Edison Ehie, Chief of Staff to the Rivers State Government, alleged he was offered money to impeach Governor Siminalayi Fubara...

Minister Of Power Distributes 10,000 Bags Of Rice In Oyo State As Part Of Tinubu's Renewed Hope Agenda Minister Of Power Distributes 10,000 Bags Of Rice In Oyo State As Part Of Tinubu's Renewed Hope Agenda
News1 week ago

Minister Of Power Distributes 10,000 Bags Of Rice In Oyo State As Part Of Tinubu’s Renewed Hope Agenda

Minister of Power, Adebayo Adelabu distributed rice in Oyo State to various groups, stressing its non-political nature and pledging transparent...

Nigerians Call For Arrest Of Man Accused Of S3xualizing And Using Photos Of 4-Year-Old Girl For P*rnography (Video) Nigerians Call For Arrest Of Man Accused Of S3xualizing And Using Photos Of 4-Year-Old Girl For P*rnography (Video)
Entertainment1 week ago

Nigerians Call For Arrest Of Man Accused Of S3xualizing And Using Photos Of 4-Year-Old Girl For P*rnography (Video)

Going viral on various social media is the report of a Nigerian dad Musa Suleman Defunnytv who posted posters of...

Advertisement