EFCC Warns Local Business On Risk of Arrests for Dollar Payments

The Economic and Financial Crimes Commission (EFCC) has issued a warning to hotels, schools, and other businesses in Nigeria, that accepting payments in dollars from local customers could warrant arrest.
Chairman Olukoyede emphasized that charging local activities and customers in dollars is against Nigeria’s constitution and exceptions are made only for transactions involving foreigners who use credit cards and dollars. However, local businesses are not permitted to conduct transactions in dollars or any other foreign currency.
The EFCC chairman further stated that arrests have been made in this regard. He specifically mentioned schools, supermarkets, estate developers, and hotels as targets for enforcement actions. The commission is urging businesses to adhere to the law and refrain from dollarizing transactions within the local economy.