Naira Over Dollar: EFCC Re-enforces Nigeria’s Currency Laws, Cracksdown on Dollarization

In a recent development, the Economic and Financial Crimes Commission (EFCC) has declared a crackdown on establishments within Nigeria that demand payment in dollars for services rendered....READ FULL ARTICLE

EFCC’s Chairman, Ola Olukoyede, in an interview with the agency’s publication, EFCC Alert, stated that such practices are illegal and contravene the country’s financial laws.

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Olukoyede reiterated that the Nigerian Naira remains the sole legal tender and that the economy cannot be subjected to dollarization.

While acknowledging that transactions involving foreign credit cards may necessitate dollar payments, he stressed that local transactions must strictly adhere to using the Naira.

The EFCC has already commenced enforcement actions, making several arrests to curb this unlawful activity. Olukoyede warned that establishments, including schools, real estate companies, and hotels, invoicing in dollars for local services, will face legal consequences.

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The commission is determined to ensure compliance with the legal tender laws and maintain the economic sovereignty of the Nigerian Naira....READ FULL ARTICLE