The EFCC cracks down on foreign institutions that demand dollar tuition

May 6, 2024 | Politics | 0 comments

The Economic and Financial Crimes Commission (EFCC) has initiated surveillance measures targeting international schools that charge tuition fees in dollars and other foreign currencies, aiming to alleviate pressure on the naira.

Dele Oyewale, the Head of Media and Publicity at EFCC, confirmed this development to Punch on Thursday, underscoring the agency’s commitment to cracking down on entities, including schools, hotels, and businesses, engaged in pricing services in foreign currencies within Nigeria.

Oyewale revealed that a specialized task force comprising 7,000 personnel across EFCC’s zonal commands has been deployed to monitor schools and other establishments potentially involved in this unlawful practice.

In efforts to stem the depreciation of the naira against the dollar, the anti-graft agency had previously summoned proprietors of private universities and other educational institutions in February, particularly those charging tuition fees in dollars.

Highlighting the illegality of conducting transactions in currencies other than the naira within Nigeria, Oyewale emphasized that the EFCC would impose penalties for any violations of this law.

He asserted, “It is illegal to transact in currencies other than the naira. Whether it’s Chinese yuan or American dollars, any transaction not denominated in naira is contrary to Nigerian law, and the EFCC is committed to addressing it.”

Oyewale further stressed the significance of the naira as the country’s legal tender, stating that all economic activities within Nigeria must be conducted in accordance with naira regulations.

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