The Economic and Financial Crimes Commission (EFCC) has intensified efforts to curb the ‘dollarization’ trend in Nigeria’s economy, announcing the summoning of proprietors of private universities and other higher learning institutions charging fees in dollars.
In response to the growing concerns over the dollarization of transactions within the country, the EFCC has established a Special Task Force across all its Zonal Commands. This initiative aims to address the illegal practice of conducting financial transactions in foreign currency, which undermines the stability of the local currency and the overall economy.
EFCC’s spokesperson, Dele Oyewale, disclosed in a statement on Wednesday that the newly formed task force is tasked with enforcing existing laws prohibiting currency mutilation and the use of foreign currencies in domestic transactions. The statement highlighted that Ola Olukoyede, the chairman of the commission, inaugurated the task force in Abuja, emphasizing its role in safeguarding the economy from potential abuses, leakages, and distortions.
The EFCC has already taken proactive measures by apprehending individuals involved in issuing invoices in dollars and engaging in the mutilation of the Naira, with operations conducted in Lagos and Port Harcourt.
Oyewale reiterated the Commission’s commitment to upholding all relevant laws aimed at revitalizing and stimulating the economy. “Already, proprietors of private universities and other institutions of higher learning charging fees in dollars have been invited by the Commission,” the statement affirmed.
