The Economic and Financial Crimes Commission (EFCC) has initiated surveillance measures targeting international schools in Nigeria that charge tuition fees in dollars and other foreign currencies.
This move comes as part of efforts to alleviate pressure on the naira and enforce legal tender regulations in the country.
Dele Oyewale, the Head of Media and Publicity at EFCC, confirmed the development on Thursday, highlighting the agency’s commitment to clamping down on schools and organizations that transact in foreign currencies.
“It is illegal for schools, hotels, and firms operating in the country to charge for services in foreign currencies,” Oyewale reiterated.
He further disclosed that a 7,000-man special task force dedicated to combating dollar racketeering across EFCC Zonal Commands is actively monitoring schools and other entities potentially involved in this illegality.
In addition to surveillance, the task force has conducted several raids in Abuja, targeting currency traders suspected of speculating against the naira.
Addressing questions about EFCC’s efforts to combat forex racketeering and stabilize the naira, Oyewale emphasized the broader economic focus of the task force.
“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 upon them,” he stated.
Oyewale reiterated the illegality of transactions denominated in currencies other than the naira within Nigeria, emphasizing the importance of adhering to the country’s 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,” he affirmed.
When questioned about potential consequences for schools, hotels, and businesses found violating the law, Oyewale emphasized that they are aware of the EFCC’s surveillance activities.
“Certainly, they are aware that we are watching them,” he concluded.
