The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to establishments such as hotels, schools, and supermarkets that accept payments in dollars from their customers, stating that they are at risk of facing arrest.
Chairman of the EFCC, Ola Olukoyede, emphasized in the agency’s publication, EFCC Alert, that any form of dollarization of the economy will be met with decisive action.
He clarified that the only exception is when foreigners conduct transactions using their credit cards and dollars.
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Olukoyede highlighted that charging local customers in dollars or other foreign currencies is unconstitutional in Nigeria.
He specifically mentioned schools, supermarkets, estate developers, and hotels as establishments that would be targeted for violating this law.
The EFCC chairman stressed the importance of proper documentation for transactions involving foreigners using credit cards and dollars.
However, he emphasized that using dollars as the medium of exchange within the local economy is illegal and will not be tolerated.
Olukoyede revealed that the EFCC has already made arrests in this regard and warned that establishments engaging in such practices will face consequences under the law.
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