EFCC Warns Against Dollar Transactions By Hoteliers, Schools

The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to hoteliers, school owners, and other establishments engaging in transactions denominated in dollars. In its publication, 

EFCC Alert, the agency’s Chairman, Ola Olukoyede, emphasized that such practices pose a risk of arrest.

Olukoyede highlighted that while transactions with foreigners using credit cards and dollars are permissible, charging local customers in dollars violates Nigeria’s constitution and will not be tolerated.

 He outlined various sectors, including schools, supermarkets, estate developers, and hotels, where the EFCC is prepared to take action against illegal dollarization.

The EFCC chairman stated, “Our law does not allow for that. And we have also affected some arrests.”

 He urged businesses to adhere to the legal framework governing currency transactions and warned of consequences for those flouting the regulations.

The commission’s stance underscores its commitment to safeguarding the integrity of Nigeria’s economy and upholding the rule of law

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