EFCC bans Dollar payments in Nigeria, threatens legal action

The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to establishments in Nigeria, including schools, supermarkets, hotels, and others, against demanding payment in dollars from their local customers.

Ola Olukoyede, the Chairman of the EFCC, delivered the message in the latest edition of the commission’s monthly e-magazine, EFCC Alert, on Monday.

Olukoyede emphasized that any institution found engaging in charging Nigerians in dollars or foreign currencies within the country would face legal consequences.

He stated that such actions are considered unlawful under Nigerian legislation, and the anti-graft agency is prepared to take decisive action against offenders.

According to Olukoyede, schools, supermarkets, estate developers, and hotels are targeted for investigation and possible prosecution if found guilty of dollarization.

He noted that while transactions involving foreigners and credit cards may include dollar payments, using dollars as the medium of exchange within the local economy is illegal and prohibited by law.

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The chairman the anti-graft agency revealed that arrests have already been made concerning the illegal dollarization of transactions within the country.

He urged all establishments to comply with Nigerian laws and refrain from engaging in practices that undermine the local currency’s and economy’s integrity.