The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to various establishments, including schools, supermarkets, and hotels, cautioning against the use of the dollar or any foreign currency for transactions within the country.
In the latest edition of the commission's monthly e-magazine released on Monday, EFCC Chairman Ola Olukoyede emphasized the illegality of dollarizing the economy and threatened legal action against offenders.
Olukoyede reiterated the EFCC's commitment to enforcing Nigerian laws regarding currency transactions, stating that individuals or businesses found charging in dollars would be treated as criminals.
He highlighted specific sectors targeted by the EFCC's crackdown, including schools, supermarkets, estate developers, and hotels. The chairman emphasized that using the dollar as a medium of exchange within the local economy violates Nigerian law and undermines the country's financial stability.
Furthermore, Olukoyede disclosed that the EFCC had already initiated arrests and secured convictions in cases involving dollar transactions.
He clarified that while transactions with foreigners using credit cards or other legitimate means were permissible, using the dollar for internal transactions was illegal and subject to prosecution.
The EFCC's warning underscores the seriousness with which Nigerian authorities view the illegal use of foreign currency within the country's economy.
As the commission ramps up enforcement efforts, businesses and individuals engaging in dollar transactions face heightened scrutiny and the risk of legal consequences. The EFCC's stance aims to safeguard the integrity of Nigeria's financial system and deter illicit activities that undermine economic stability.
