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EFCC warns schools, malls against charging in dollars

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The Economic and Financial Crimes Commission (EFCC) has warned supermarkets, schools and other establishments operating in Nigeria, against charging for services in dollars or any foreign currency.

Ola Olukoyede, the chairman of the EFCC, gave the warning in the latest edition of the commission’s monthly e-magazine, EFCC Alert, on Monday.

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Olukoyede said the dollarisation of the economy would be treated as a criminal offence under Nigerian laws, with potential prosecution for offenders. He specifically highlighted schools, supermarkets, estate developers, and hotels as targets for scrutiny.

The EFCC chairman stated, “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.”

He clarified that while transactions involving foreigners using credit cards and dollars are permissible, conducting business within the local economy using foreign currency as the medium of exchange is illegal and against Nigerian law.

Olukoyede said arrests have already been made in connection with such offences.

The EFCC’s stance on combating the dollarisation of the economy has been met with approval from various quarters, which underscored the commitment to upholding Nigerian laws and protecting the integrity of the local currency.

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The announcement coincides with ongoing efforts by the government to strengthen the economy and curb illicit financial activities.