EFCC to Crack Down on Dollar Transactions by Schools, Hotels, Others

The Economic and Financial Crimes Commission (EFCC) has announced its intention to crack down on establishments that accept dollars in exchange for services within Nigeria.

The EFCC labelled such practices as “illegal”, stressing that the Nigerian Naira remains the sole legal tender in the country.

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Ola Olukoyede, the Chairman of the EFCC, disclosed the development during an interview published in the agency’s March publication, EFCC Alert.

The interview transcript outlines the agency’s stance against the dollarization of Nigeria’s economy.

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Targeted establishments include hotels, schools, real estate companies, and other entities that engage in dollar transactions.

While acknowledging that foreigners transacting through credit cards and dollars pose no issue, the EFCC unequivocally opposes charging local customers in foreign currencies.

The Anti-graft Agency deemed such practices contrary to Nigeria’s constitution, adding that it has already arrested some defaulters.