LAGOS, Nigeria (VOICE OF NAIJA)-The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to various establishments in Nigeria, including schools, supermarkets, hotels, and others, cautioning against the practice of demanding payment in dollars from local customers.
The Chairman of the EFCC, Ola Olukoyede, conveyed this message in the latest edition of the commission’s monthly e-magazine, EFCC Alert, on Monday.
Olukoyede stressed that any institution found charging Nigerians in dollars or foreign currencies within the country would face legal consequences.
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He emphasised that such actions violate Nigerian legislation, and the EFCC is prepared to take decisive action against offenders.
Olukoyede mentioned that schools, supermarkets, estate developers, and hotels are under scrutiny and could face investigation and potential prosecution if found guilty of dollarization.
He highlighted that although transactions with foreigners and credit cards might involve dollar payments, but using dollars as the local economy’s medium of exchange is unlawful and prohibited.
The EFCC chairman disclosed that arrests have been carried out regarding the illicit dollarization of transactions within the country. He implored all establishments to abide by Nigerian laws and avoid activities that compromise the integrity of the local currency and economy.