The Economic and Financial Crimes Commission has raised concerns about establishments like hotels and schools accepting dollar payments.
According to EFCC Alert, individuals engaging in dollar transactions may face arrest. Ola Olukoyede, EFCC Chairman, stated that those involved in dollarizing the economy will face consequences.
The only acceptable scenario for dollar transactions is when foreigners use credit cards and dollars for business. Charging local customers in dollars or any foreign currency is considered unacceptable.
Olukoyede reiterated that billing local activities and customers in dollars violates Nigeria’s constitution.
The EFCC chairman further stated, “We will take action against schools charging Nigerians in dollars, supermarkets conducting trade in dollars, estate developers selling properties in dollars, and hotels issuing invoices in dollars. We have already made arrests in this regard.
“If foreigners exclusively use their credit cards and dollars for transactions, that is acceptable. However, for transactions within the local economy using dollars as the medium of exchange, it is illegal.”
“Such practices are prohibited by our laws, and we have already made several arrests in this regard.”