EFCC Warns Against Dollar Transactions, Begins Arrest Of Hotels, Schools, Supermarkets, Others

The EFCC is poised to initiate extensive crackdowns on hotels, schools, and various establishments engaging in Dollar Transactions within Nigeria, aiming to enforce adherence to national currency regulations and curb illegal practices.

This proactive approach underscores the commission’s commitment to combatting economic infractions and maintaining financial integrity.

The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to various sectors, including schools, supermarkets, hotels, and more, against conducting transactions in dollars or any other foreign currency within Nigeria.

VerseNews reports that Ola Olukoyede, Chairman of EFCC, emphasized this stance in the commission’s latest monthly e-magazine release, asserting the intention to prosecute individuals who contribute to the dollarization of the economy.

Olukoyede underscored the commission’s commitment to upholding Nigerian laws by treating offenders as criminals, signaling a proactive approach targeting entities such as schools, supermarkets, hotels, estate developers, and business operators engaging in dollar transactions instead of using the national currency, the naira.

“Schools that charge Nigerians in dollar, supermarkets that trade in dollar, estate developers that sell their property in dollar, hotels that are invoicing in dollar, we are coming after you and we have made arrests in that area.

“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,”