EFCC Warns Schools, Hotels and Others, Don’t Transact In Dollars

The EFCC has indeed issued a stern warning to various establishments, including schools, hotels, and others, against transacting in dollars or any other foreign currency within Nigeria. This move is part of their effort to strengthen the naira and maintain the integrity of the country’s financial system.

The EFCC Chairman, Ola Olukoyede, emphasized that all business transactions within Nigeria should be conducted in naira, and the use of dollars or other foreign currencies for local transactions is illegal. This includes charging for services, such as education, accommodation, or real estate. The commission has already initiated arrests and secured convictions in cases involving dollar transactions, and they are actively monitoring and investigating businesses engaging in this practice.

This initiative aims to ensure that Nigerian laws regarding currency transactions are strictly enforced, and it underscores the importance of maintaining the stability and integrity of the country’s financial system.

So, if you’re in Nigeria and find yourself in a situation where a business is demanding payment in dollars, you might want to remind them of the EFCC’s warning and suggest they stick to the naira, unless it’s a transaction with a foreigner using proper documentation. After all, nobody wants to get on the wrong side of the law, especially when it comes to financial matters.