In the continuous bid to defend Naira against other currencies such as the Dollar , The EFCC Economic Financial crimes Commission has warned establishments and business in the country against usage of dollars for payments.
Business’s such as supermarkets, hotels, schools, real estate developers, were majorly mentioned and they have been seriously warned not to bill customers in dollars or any other foreign currency, vowing to put in jail anyone discovered to be dollarizing the economy.
Mr. Ola Olukoyede, the Chairman of the Economic and Financial Crimes Commission (EFCC) in a statement released this week has sent out this warning, threatening to prosecute any of these organizations, receiving payment in dollars for products or services under applicable Nigerian laws, also promising to target businesses that accept dollars rather than naira.
In the statement, Olukayode said “We have also started securing convictions. Schools that charge Nigerians in dollars, estate developers that transact in dollars, and hotels that are invoicing in dollars—we are coming after you.”
Another area addressed was the area of illegal forex trading. Coupled with the activities of the CBN, they are also trying to ensure that those involved in currency trading are properly licensed, regulated, and do their documentation properly.