EFCC Warns Against Charging Local Customers In Dollars: Declares Practice Illegal 

EFCC Warns Against Charging Local Customers In Dollars: Declares Practice Illegal

EFCC Issues Warning: Hotels, Schools, Supermarkets Charging Local Customers in Dollars Risk Arrest The Economic and Financial Crimes Commission (EFCC) has issued a stern caution, stating that hotels, schools, and other establishments charging local customers in dollars may face arrest……READ ALSO EFCC Unveils Progress In Betta Edu Scandal: N30 Billion Recovered, 50 Bank Accounts Under Investigation

Chairman of the EFCC, Ola Olukoyede, emphasized on Monday that action would be taken against individuals involved in the dollarization of the economy.

Olukoyede stressed that the only exception would be if foreigners engage in transactions using their credit cards or dollars. However, charging local customers in dollars or any other foreign currency would no longer be permissible.

Speaking through the commission’s monthly e-magazine, EFCC Alert, Olukoyede asserted that charging local activities and customers in dollars goes against Nigeria’s constitution.

He stated, “Schools that charge Nigerians in dollars, supermarkets trading in dollars, estate developers selling property in dollars, hotels issuing invoices in dollars – we are coming after you, and we have made arrests in that area.”

While acknowledging the acceptability of dollar transactions for foreigners, Olukoyede underscored the importance of proper documentation. However, utilizing dollars as the medium of exchange within the local economy is deemed illegal by Nigerian law.

He concluded by affirming that the EFCC has already made arrests in connection with this illegal practice, urging compliance with the law.

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