The Economic and Financial Crimes Commission (EFCC) has warned schools, supermarkets, hotels, and others against charging for services in Nigeria in dollar or any other foreign currency.

EFCC Chairman Ola Olukoyede gave the warning in the latest edition of the commission’s monthly e-magazine, EFCC Alert, released on Monday, April 8, 2024.

Olukoyede, who noted that anyone found dollarising the economy would be jailed, warned that anyone caught collecting dollar for goods or services would be treated as a criminal in accordance with relevant Nigerian laws.

He vowed that the EFCC would go after schools, supermarkets, hotels, estate developers, and business operators that used the dollar for transactions instead of naira.

The EFCC boss said: “We have also started securing convictions.

“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.

“Yes, if foreigners are coming in and the only means of transacting is their credit card, and dollar, why not, you will get that.

CBN bans foreign currencies as collateral for naira loans

“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 effected some arrests.”

Olukoyede noted that the development has been making impact as the rate at which some people advertise goods and services in dollar has really gone down.

He added: “We are not going to relent. We are going to continue until we eradicate mutilation of currency, and illegal dealing in forex. Another area is in the area of illegal forex trading.

“Coupled with the activities of the CBN, we are trying to ensure that those involved in currency trading are properly licensed, regulated, and do their documentation properly.”

Olukoyede, while explaining the efforts in ensuring success of the anti-graft war under his leadership, condemned some Nigerians who continued to celebrate criminals in the country, stressing that such practice was anti-societal.

The EFCC boss said: “I wondered why some Nigerians should be closing their eyes to the atrocities being committed against the nation by those being investigated for financial crimes but trying to attack the commission for doing its job.

“The moment EFCC starts investigating someone, those who have benefited from him one way or the other, will close their eyes to what they have been deprived of by reason of that financial crime.

“They then concentrate on attacking the agency. They use media propaganda and even sometimes physical attack, yet we are working for Nigerians.

“We are working to preserve integrity in the way we do things and so we need the support of Nigerians.”

The Star