The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to businesses in Nigeria, including schools, supermarkets, hotels, and others, against charging for services in foreign currencies such as the dollar. In a recent publication of the commission’s monthly e-magazine, EFCC Chairman Ola Olukoyede emphasized that any individual or entity found dollarizing the economy would face severe consequences, including imprisonment.
Olukoyede made it clear that the commission would not tolerate the use of foreign currencies for transactions within the country. He stressed that any establishment caught accepting dollars for goods or services would be treated as criminals under Nigerian law. The EFCC chairman specifically mentioned schools, supermarkets, hotels, estate developers, and business operators as targets for enforcement actions.
“We have already begun securing convictions in this regard. Schools that insist on charging Nigerians in dollars, supermarkets that conduct transactions in dollars, estate developers that price their properties in dollars, and hotels that issue invoices in dollars – we are actively pursuing these cases and have made arrests,” Olukoyede stated.
While acknowledging that foreign visitors may use their credit cards or dollars for transactions, Olukoyede emphasized the importance of documenting such transactions properly. However, he reiterated that using foreign currencies as a medium of exchange within the local economy is illegal and punishable by law.
The EFCC chairman’s warning serves as a reminder to businesses operating in Nigeria to comply with the country’s legal tender laws and avoid engaging in illegal practices. The commission has already taken action against violators and will continue to enforce the law to ensure the integrity of the Nigerian economy.
