The Economic and Financial Crimes Commission (EFCC) has issued a strong caution to various establishments, such as schools, supermarkets, and hotels, regarding the use of the dollar or any foreign currency for transactions within Nigeria.
In the most recent issue of the commission’s monthly e-magazine, released on Monday, EFCC Chairman Ola Olukoyede emphasized the unlawfulness of dollarization in the economy and warned of legal repercussions for violators.
Olukoyede reaffirmed the EFCC’s dedication to upholding Nigerian laws concerning currency transactions, asserting that individuals or businesses found pricing goods or services in dollars would face criminal charges.
He specifically highlighted sectors targeted by the EFCC’s enforcement, including schools, supermarkets, real estate developers, and hotels. The chairman stressed that utilizing the dollar for transactions within the domestic economy goes against Nigerian regulations and undermines the nation’s financial stability.
Olukoyede revealed that the EFCC had already made arrests and secured convictions in cases related to dollar transactions.
He clarified that while transactions with foreigners using credit cards or other legitimate methods were permissible, the use of the dollar for internal transactions was illegal and subject to prosecution.
The EFCC’s stern warning reflects the seriousness with which Nigerian authorities regard the illicit use of foreign currency within the country’s economic framework.
As the commission intensifies its enforcement actions, businesses and individuals involved in dollar transactions face increased scrutiny and the potential for legal repercussions. The EFCC’s position aims to protect the integrity of Nigeria’s financial system and deter unlawful activities that undermine economic stability.
