The Economic and Financial Crimes Commission has intensified its surveillance on international schools and other organizations charging tuition and services in foreign currencies, as part of measures to reduce pressure on the naira.
According to The PUNCH, the EFCC’s Head of Media and Publicity, Dele Oyewale, the agency has placed these schools and organizations under watch, warning that it is illegal for them to charge in foreign currencies.
Oyewale confirmed that a 7,000-man special task force on dollar racketeers is monitoring the situation and will clamp down on any violators.
The EFCC has already summoned proprietors of private universities and other schools charging tuition in dollars, and conducted raids in Abuja, arresting currency traders suspected of speculating against the naira.
The agency’s efforts are aimed at curbing the free fall of the naira against the US dollar.
Oyewale emphasized that the naira is the legal tender in Nigeria and all transactions must be denominated in naira. He warned that any breach of this law would attract sanctions, stating, “Naira is the symbol of our economy, and everything that has to do with the economy in Nigeria must be done in naira.”
The EFCC’s task force is working to ensure that organizations breaking the rules are brought back to the right path, and Nigerians are urged to support the agency’s efforts to stabilize the naira.
Oyewale said it was illegal for any business operating in the country to charge for its services in foreign denominations apart from the naira, vowing sanctions for any breach of the law.
He stated, “The task force is not just to monitor naira abuse alone but for the whole economy. So, 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 on them.
“Yes, everyone knows that it is illegal to charge in other denominations apart from the naira. Whether in Chinese or American currency, any transaction that is not denominated in naira in Nigeria, the EFCC is against it.
“So, the task force is in place to check that and Nigerians should be happy about that. It is not just schools, hotels but other entities across the country that are doing this must come back to the naira as our legal tender.’’
He added, “Naira is the symbol of our economy and everything that has to do with the economy in Nigeria must be done in naira.’’
