EFCC warns schools, hotels, others for charging in dollar against Naira

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has warned schools, supermarkets, hotels, and others in the country against charging for services in dollars or any other foreign currency.

Olukoyede, who issued the warning in the latest edition of the commission’s monthly e-magazine, EFCC Alert released on Monday, threatened to jail anyone found “dollarizing” the economy.

He warned that anyone caught collecting the dollar for services or goods would be treated as a criminal in accordance with relevant Nigerian laws.

The EFCC chief vowed that the commission would go after schools, supermarkets, hotels, estate developers and business operators that used the dollar for transactions instead of naira.

He said: “We have also started securing convictions.

“Schools that charge Nigerians in dollars, supermarkets that trade in dollars, estate developers that sell their property in dollars, hotels that are invoicing in dollars, 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 the dollar as the medium of exchange, it is illegal.

“Our law does not allow for that. And we have also effected some arrests.

“We are not going to relent. We are going to continue until we eradicate mutilation of currency, and illegal dealing in forex. Another area is in the area of illegal forex trading.

“Coupled with the activities of the CBN, we are trying to ensure that those involved in currency trading are properly licensed, regulated, and do their documentation properly.”