EFCC BANS TRANSACTIONS IN DOLLARS

The Economic and Financial Crimes Commission, EFCC, has issued warnings to establishments such as hotels, supermarkets, and schools not to accept payments for services rendered in dollars or any other foreign money, Transact in dollars.

In the EFCC e-magazine, published recently,  Chairman Ola Olukoyede vowed to jail anyone found dollarizing the economy.

EFCC head warned individuals soliciting money for goods or services, stating they’ll be prosecuted under Nigerian laws.

He vowed to pursue schools, supermarkets, hotels, developers, and businesses conducting transactions in dollars instead of naira.

“We have also initiated prosecutions. Schools that bill Nigerians in dollars, supermarkets that deal in dollars, real estate developers who sell their properties in dollars, hotels that invoice in dollars – we are taking action against you, and we have made arrests in this regard.

“If foreigners are involved and the only means of transaction is through credit cards and dollars, that’s acceptable. However, if you’re conducting transactions within the local economy using dollars as the medium of exchange, it is unlawful.

“Our laws do not permit such practices. We have also made several arrests,” he stated.