The Economic and Financial Crimes Commission has noted that hotels, schools, and other establishments that accept payments in dollars from their customers are at risk of facing arrest.
The EFCC Chairman, Ola Olukoyede, disclosed this in the agency’s publication called EFCC Alert on Monday, he added that due actions would be taken against individuals caught up in the dollarisation of the economy.
However, the EFCC Chairman further stated that the exception to this act is if foreigners whose only means of transacting is their credit card and dollar, he said charging local activities and customers in dollars is against Nigeria’s constitution and will no longer be tolerated in the country. “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.” Olukoyede said.
It will be recalled that the Central Bank of Nigeria (CBN) issued a directive to all banks prohibiting the use of foreign currency as collateral for Naira loans.
In a letter addressed to all banks, the CBN outlined new guidelines prohibiting the practice, with exceptions for specific types of foreign currency collateral.
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