he EFCC, under the leadership of Chairman Ola Olukoyede, has issued a stern warning to various establishments in Nigeria, including schools, supermarkets, hotels, and others, regarding the use of foreign currency, particularly the dollar, for transactions within the country.
Olukoyede emphasized that any individual or organization found engaging in the practice of dollarizing the economy would face severe consequences, including potential imprisonment, as per the laws of Nigeria.
He specifically highlighted that the EFCC would not hesitate to take legal action against schools, supermarkets, hotels, real estate developers, and business owners who choose to conduct their transactions in dollars instead of the local currency, the naira.
The chairman further stated that the commission had already initiated measures to prosecute offenders, citing examples of schools, supermarkets, estate developers, and hotels that had been apprehended for violating the regulations.
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Olukoyede clarified that while transactions involving foreigners and credit cards in dollars were permissible, using foreign currency as a medium of exchange within the local economy was illegal under Nigerian law.
He concluded by affirming the EFCC’s commitment to enforcing these regulations and ensuring that all businesses and individuals comply with the legal framework governing currency transactions in the country.
