EFCC: Hoteliers, School Owners Charging in Dollars Risk Arrest

The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to hotels, schools, and other businesses against accepting payments in dollars from local customers, stating that such actions could lead to arrest.

In a recent publication titled EFCC Alert, the Chairman of the EFCC, Ola Olukoyede, emphasized that any form of dollarization within the local economy would not be tolerated, except in cases where foreigners are involved and the only means of transaction is through their credit cards and dollars.

Olukoyede highlighted that charging local activities and customers in dollars goes against the Nigerian constitution, and as such, the EFCC will take decisive action against establishments found engaging in such practices. He emphasized that arrests have already been made in this regard, signaling the agency’s commitment to enforcing compliance with local currency regulations.