In the latest edition of the EFCC's monthly e-magazine, released by Chairman Ola Olukoyede, it was emphasized that charging for services or goods in dollars or any other foreign currency within the country is prohibited. Olukoyede went as far as threatening jail time for anyone found engaging in this practice, stating that such actions would be treated as criminal offenses under Nigerian laws.

The EFCC chairman specifically singled out schools, supermarkets, hotels, estate developers, and other business operators, cautioning them against using the dollar instead of the local currency, the naira, for transactions. He reiterated the commission's commitment to enforcing the law and pursuing legal action against violators.

Olukoyede highlighted recent efforts by the EFCC to clamp down on this illegal practice, mentioning arrests made in various sectors. He clarified that while transactions involving foreigners and credit cards are permissible, using the dollar as a medium of exchange within the local economy is strictly prohibited by law.

The chairman urged businesses to comply with the regulations and conduct transactions in accordance with Nigerian laws. Any deviation from this, he warned, would result in legal consequences.

In conclusion, the EFCC's message is clear: dollarizing the economy in Nigeria is not only unlawful but will also be met with swift and decisive action from the authorities. Businesses and individuals alike are urged to adhere to the legal framework and contribute to a healthy and compliant economic environment.