Don’t Transact In Dollar – EFCC Warns Schools, Hotels, Others

The Economic and Financial Crimes Commission, EFCC, has issued warnings to establishments like as hotels, supermarkets, and schools not to accept payments for services rendered in dollars or any other foreign money.

The EFCC Chairman, Ola Olukoyede, vowed to put in jail anyone discovered to be dollarizing the economy in the most recent issue of the commission’s monthly e-magazine, which was made available on Monday.

In compliance with applicable Nigerian legislation, the head of the EFCC issued a warning to anybody seen soliciting dollars for products or services, as they would be punished as criminals.

He promised that the commission would target businesses that accepted dollars rather than naira, including supermarkets, hotels, real estate developers, schools, and supermarkets.

“We have also started securing convictions. Schools that charge Nigerians in dollar, supermarkets that trade in dollar, estate developers that sell their property in dollar, hotels that are invoicing in dollar, 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 dollar as the medium of exchange, it is illegal.

“Our law does not allow for that. And we have also effected some arrests,” he said. [CONTINUE READING HERE]