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EFCC cautions schools, hotels, and others against conducting transactions in dollars.

EFCC cautions schools, hotels, and others against conducting transactions in dollars.

The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to establishments such as schools, supermarkets, hotels, and others, cautioning against charging for services in dollars or any foreign currency within the country.

In the latest edition of the commission’s monthly e-magazine, EFCC Chairman Ola Olukoyede emphasized the consequences, stating that individuals found dollarizing the economy would face potential imprisonment.

Olukoyede reiterated that any entity found accepting dollars for goods or services would be treated as violating Nigerian laws and would be subject to criminal prosecution.

He declared the commission’s intent to pursue legal action against schools, supermarkets, hotels, real estate developers, and business operators conducting transactions in dollars instead of the Nigerian naira.

Olukoyede stated, “We have also initiated legal proceedings resulting in convictions. Schools, supermarkets, real estate developers, and hotels that conduct transactions in dollars will be pursued, and arrests have already been made in this regard.”

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While acknowledging the necessity for accepting dollars from foreigners using credit cards, Olukoyede stressed that utilizing dollars as a medium of exchange within the local economy is illegal under Nigerian law. He warned against such practices and emphasized the enforcement actions taken by the EFCC.

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