EFCC plans legal action against schools requesting payment in dollars

Economic and Financial Crimes Commission (EFCC), is closely monitoring international schools that charge tuition fees in dollars and other foreign currencies as a way to alleviate the strain on the naira.

Dele Oyewale an official of the EFCC revealed that they will take action against schools and organizations accepting foreign currencies.

He emphasized that it is against the law for schools, hotels, and businesses in the country to accept payments in foreign currencies.

He detailed that a specialized team of 7,000 individuals appointed to tackle dollar fraudsters spanning various EFCC regional divisions was keeping a close watch on schools and other institutions suspected of engaging in illegal activities.

He said, “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.’’