The Economic and Financial Crimes Commission (EFCC) is taking a firm stance against international schools that charge tuition fees in dollars and other foreign currencies. This decisive action aims to alleviate the strain on the Nigerian naira and uphold the country’s legal tender, ensuring compliance with the nation’s financial regulations.
According to Dele Oyewale, a spokesperson for the EFCC, a specialized task force comprising 7,000 individuals has been appointed to tackle dollar fraudsters across various regional divisions of the commission. This task force is actively monitoring schools and other institutions suspected of engaging in illegal activities involving foreign currencies, ensuring that violations are promptly identified and addressed.
EFCC: Accepting Foreign Currencies, A Violation of Nigerian Law
Oyewale emphasized that accepting payments in foreign currencies by schools, hotels, and businesses operating in Nigeria is a clear violation of the country’s laws. The EFCC is taking proactive measures to ensure that entities found engaging in such practices swiftly correct their actions and comply with the legal requirements, thereby avoiding potential legal consequences.
“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,” Oyewale stated unequivocally. The commission’s stance underscores its commitment to upholding the integrity of the Nigerian financial system and maintaining the naira as the sole legal tender within the nation’s borders.
EFCC’S Task Force to Enforce Naira as Legal Tender
The task force established by the Economic and Financial Crimes Commission (EFCC) has a broader mandate that extends beyond monitoring naira abuse. Its primary objective is to oversee the entire Nigerian economy, ensuring compliance with the country’s financial regulations and upholding the naira as the sole legal tender.
Oyewale assured Nigerians that the Economic and Financial Crimes Commission is fully committed to this cause, emphasizing that the task force is in place to enforce adherence to the naira as the nation’s legal tender. “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, underscoring the commission’s determination to address any violations across all sectors.
Naira: The Symbol of Nigeria’s Economy EFCC Says
Oyewale emphasized the significance of upholding the naira as the symbol of Nigeria’s economy, a representation of the nation’s financial strength and sovereignty. He stated, “Naira is the symbol of our economy, and everything that has to do with the economy in Nigeria must be done in naira.”
The Economic and Financial Crimes Commission’s (EFCC) crackdown on schools demanding fees in dollars and other foreign currencies is a crucial component of a broader effort to strengthen the naira and maintain the integrity of the country’s financial system. By enforcing strict adherence to the naira as the sole legal tender, the commission aims to protect the stability and credibility of Nigeria’s economy, ensuring its resilience against external factors and promoting sustainable growth.
EFCC Says Violators Will Face Legal Consequences
The Economic and Financial Crimes Commission (EFCC) has made it abundantly clear that institutions found accepting foreign currencies for transactions within Nigeria will face legal consequences. The commission is unwavering in its determination to ensure compliance with the country’s laws and protect the economy from further strain caused by violations.
Schools, hotels, and other businesses operating in Nigeria are strongly advised to adhere to the guidelines set by the EFCC and conduct all transactions in naira to avoid potential legal action. The commission’s stance underscores its commitment to upholding the naira as the sole legal tender and maintaining the integrity of the Nigerian financial system.
EFCC: Nigerians Support Efforts to Strengthen Naira
The Economic and Financial Crimes Commission’s (EFCC) initiative to enforce the use of the naira as the legal tender has received widespread support from Nigerians. Many citizens recognize the paramount importance of upholding the country’s currency and maintaining economic stability, acknowledging the Commission’s efforts as a crucial step towards achieving these goals.
The Economic and Financial Crimes Commission’s endeavors are expected to contribute significantly to the long-term growth and development of Nigeria’s economy. By promoting transparency and accountability in financial transactions, the Commission is paving the way for a stronger, more resilient economic environment. Nigerians are optimistic that these measures will foster greater confidence in the nation’s financial system, attracting investment and creating opportunities for sustainable economic progress.
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