The Economic and Financial Crimes Commission (EFCC) has announced its intention to take action against hotels, schools, real estate firms, and other establishments that accept dollars as payment for services within Nigeria.
Chairman of the EFCC, Ola Olukoyede, emphasized that such practices are illegal, as the Nigerian Naira remains the only legal tender in the country.
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Olukoyede revealed these plans in an interview published in the EFCC Alert in March.
Olukoyede stressed the importance of preventing the dollarization of Nigeria’s economy, indicating that swift measures will be taken against individuals and organizations found engaging in this illegal practice.
He specifically mentioned schools, supermarkets, estate developers, and hotels as targets for enforcement actions, stating, “We are coming after you, and we have made arrests in that area.”
However, Olukoyede clarified that transactions involving foreigners using credit cards and dollars would be permissible. Nonetheless, he reiterated that charging local customers in dollars or other foreign currencies is in violation of Nigeria’s constitution.
He stated, “Our law does not allow for that, and we have also affected some arrests.”
The EFCC’s stance reflects its commitment to upholding the integrity of Nigeria’s financial system and ensuring compliance with legal tender laws.
