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Economy

Hotels, School, Other businesses Owners Charging In Dollars Risk Arrest – EFCC

Hoteliers, school owners, and other businesses accepting payments in dollars face the threat of arrest, warns the Economic and Financial Crimes Commission (EFCC).

Ola Olukoyede, Chairman of the EFCC, issued this caution in the agency’s publication, EFCC Alert, on Monday, emphasizing that individuals engaging in dollar transactions risk legal action.

Exceptions are made for transactions involving foreigners using credit cards or dollars. However, charging local customers in foreign currency violates Nigeria’s constitution.

Olukoyede asserted, “Schools, supermarkets, estate developers, and hotels conducting transactions in dollars will be pursued legally. We have already made arrests in this regard.”

He clarified that while transactions with foreigners using dollars are permissible, conducting local business in foreign currency is illegal under Nigerian law.

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