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BUSINESS

Hoteliers, School Owners Charging in Dollars Risk Arrest – EFCC

April 9, 2024 • 2 min read

The Economic and Financial Crimes Commission has stated that hotels, schools, and other establishments that accept payments in dollars from their customers are at risk of facing arrest.

The Chairman, EFCC, Ola Olukoyede, said this in the agency’s publication called EFCC Alert on Monday, adding that action would be taken against individuals involved in the dollarisation of the economy.

According to him, the exception is if foreigners come in to transact business and the only means of transacting wasff their credit card and dollar, but to charge local customers in dollars or other foreign currencies would no longer be allowed.

He said charging local activities and customers in dollars wasfc against Nigeria’s constitution.

The EFCC chairman said, “Schools that charge Nigerians in dollar, supermarkets that trade in dollar, estate developers that sell their property in dollar, hotels that are invoicing in dollar, we are coming after you and we have made arrests in that area.

“Yes, if foreigners are coming in and the only means of transacting is their credit card, and dollar, why not? You will get that.

“But document it properly as against selling things within the system, local economy and you will be using dollar as the medium of exchange, it is illegal.

“Our law does not allow for that. And we have also affected some arrests.”