EFCC to go after schools, hotels, companies charging in dollars

The Economic and Financial Crimes Commission (EFCC) says its operatives will soon clamp down on hotels, schools, real estate companies and other establishments receiving dollars in exchange of services in the country. The anti-graft agency specifically described such demand by any establishment no matter the sector as “illegal”, insisting that Naira remains legal tender of […]

The Economic and Financial Crimes Commission (EFCC) says its operatives will soon clamp down on hotels, schools, real estate companies and other establishments receiving dollars in exchange of services in the country.

The anti-graft agency specifically described such demand by any establishment no matter the sector as “illegal”, insisting that Naira remains legal tender of the country and that charging dollars for local services is contrary to law.

Ola Olukoyede, the Chairman of the EFCC, stated this in an interview published by the agency’s publication in March, EFCC Alert, a copy of which was obtained by our correspondent on Tuesday.

The EFCC boss explained that action against individuals involved or any organisation which shall soon be taken, became imperative because Nigeria cannot afford dollarisation of her economy.

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“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”, he said.

The EFCC boss, however, clarified that if foreigners come in to transact business and the only means of transacting is their credit card and dollar, there would not be problem with that.

According to him, but to charge local customers in dollars or other foreign currencies would no longer be allowed, stressing that charging local activities and customers in dollars is against Nigeria’s constitution.

The anti-graft czar added, “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. Our law does not allow for that. And we have also affected some arrests.”