EFCC
EFCC goes after firms that issue invoices in dollars
The Economic and Financial Crimes Commission (EFCC) has assembled a 7,000-person special task force across its 14 zonal commands to pursue dollar racketeers as part of its attempt to address Nigeria’s currency problem.
The anti-graft office said in a statement on Wednesday, February 7, 2024, that owners of private colleges and universities that take tuition in dollars had been called to account.
Many racketeers in Lagos, Kaduna, and Port Harcourt have reportedly been caught, according to the agency.
The value of the naira has been plummeting recently; at the official market, it has gone from roughly ₦900/dollar to over ₦1,400/dollar.
On Wednesday, the naira exchanged for ₦1, 490/$ at the parallel market and ₦1, 418/$ in banks.
In its statement, the EFCC said the task force was raised to protect the economy from abuses and leakages.
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The statement reads in part, “The EFCC has raised a special task force in all its zonal commands for the enforcement of extant laws against currency mutilation and dollarization of the economy.
“The taskforce, inaugurated by the Executive Chairman of the commission, Ola Olukoyede, was raised to protect the economy from abuses, leakages and distortions exposing it to instability and disruption
“Already, the commission has made some arrests of perpetrators of issuance of invoices in dollars and mutilation of the naira in Lagos and Port Harcourt.
“Also, proprietors of private universities and other institutions of higher learning charging fees in dollars have been invited by the Commission.
The dollarisation of the Nigerian economy contravenes the CBN Act which stipulates that the currency notes issued by the apex bank “shall be the legal tender for the payment of any amount in Nigeria.”
The Act also states that any person who violates the law “shall be the legal tender for the payment of any amount in Nigeria.”
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