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EFCC has announced a crackdown on businesses charging customers in foreign currencies
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Schools, hotels, and supermarkets are among the entities targeted for accepting dollars and other foreign currencies
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The commission has deemed this practice illegal, putting pressure on the Naira, and vows to take action against offenders.
EKO HOT BLOG reports that the Economic and Financial Crimes Commission (EFCC) has announced its intention to crack down on schools, hotels, supermarkets, and other business establishments in Nigeria that demand payment in US dollars and other foreign currencies from their customers.
The EFCC deems this practice unacceptable, as it exerts undue pressure on the Naira.
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According to the EFCC’s Head of Media and Publicity, Dele Oyewale, it is illegal for business establishments and organizations to charge and accept foreign currencies, including US dollars, British pounds, Japanese yen, and others, for local transactions.
EFCC, Nigeria, Schools, Hotels, Supermarkets, Business establishments, Foreign currencies, US dollars, Naira, Local transactions.
According to him, the anti-graft agency has set up a task force of 7,000 individuals to tackle dollar fraudsters and other illegal foreign exchange transactions in the country.
“The task force is not just to monitor naira abuse alone but for the whole economy. So, the EFCC is working to ensure that those breaking the rules find their way back to the right path so that the wrath of the law will not be on them.
“Yes, everyone knows that it is illegal to charge in other denominations apart from the naira. Whether in Chinese or American currency, any transaction that is not denominated in naira in Nigeria, the EFCC is against it.
“So, the task force is in place to check that and Nigerians should be happy about that. It is not just schools, hotels but other entities across the country that are doing this must come back to the naira as our legal tender.’’
“Naira is the symbol of our economy and everything that has to do with the economy in Nigeria must be done in naira,” Oyewale told Punch on Thursday.
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