WARNING: Don’t Transact In Dollar – EFCC Sends Strong Warning To Schools, Hotels, Others

The Economic and Financial Crimes Commission, EFCC, has warned schools, supermarkets, hotels and others against charging for services in the country in dollar or any other foreign currency....READ FULL ARTICLE

EFCC Chairman Ola Olukoyede, in the latest edition of the commission’s monthly e-magazine, released on Monday, threatened to jail anyone found dollarising the economy.

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The EFCC boss cautioned that anyone caught collecting dollar for services or goods would be treated as a criminal in accordance with relevant Nigerian laws.

He vowed that the commission would go after schools, supermarkets, hotels, estate developers and business operators that used the dollar for transaction instead of naira.

“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.

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“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.

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“Our law does not allow for that. And we have also effected some arrests,” he said....READ FULL ARTICLE

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