EFCC Warns: Charging for Services in Dollars Illegal, Carries Jail Time


EFCC Chairman Ola Olukoyede

The Economic and Financial Crimes Commission (EFCC) has warned against the use of Dollar or any foreign currency for services in the country.

The Chairman of the EFCC, Mr. Ola Olukoyede’s strong warning is contained in the latest edition of the agency’s publication called EFCC Alert, made available to the media on Monday.

Olukoyede said that anyone caught collecting charges for services or goods would be treated as a criminal in accordance with relevant Nigerian laws.

The EFCC chairman said: “We have also started securing convictions. Also on the dollarisation of our economy, invoicing in dollar, schools that charge Nigerians in dollar, supermarkets that trade in dollar, estate developers that sell their properties in dollar, hotels that are invoicing in dollar, we are coming after you and we have made arrests in that area.

“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 effected some arrest. This is making impact as the rate at which some people advertise goods and services in dollar has really gone down.

“We are not going to relent. We are going to continue, until we eradicate mutilation of currency, and illegal dealing in forex. Another area is in the area of illegal forex trading. Coupled with the activities of the CBN, we are trying to ensure that those who are involved in currency trading are properly licensed, regulated, and do their documentation properly,” the chairman stated.

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