By Adedapo Adesanya
The Economic and Financial Crimes Commission (EFCC) has placed international schools that charge tuition in Dollars and other foreign currencies under surveillance as part of measures to alleviate pressure on the Naira.
This was disclosed by the Head of Media and Publicity of the anti-graft agency, Mr Dele Oyewale, who said the commission would clampdown on schools and other organisations charging foreign currencies following a case involving the ex-governor of Kogi State, Mr Yahaya Bello.
He reiterated that it was illegal for schools operating in the country to charge for services in foreign currencies, noting that the 7,000-man special task force on Dollar racketeers operating across the EFCC zonal commands was monitoring the schools and other organisations that might be involved in the act.
In a move to curb the free fall of the Naira against the greenback, the anti-graft agency in February summoned the proprietors of private universities and other schools charging tuition in Dollars.
Recall that the EFCC has intensified efforts this year as part of unorthodox means to staunch the worsening state of the Naira. In Abuja, Lagos, and other states, the commission has arrested currency traders suspected of speculating against the Naira.
The EFCC spokesman said the task force was set up “to ensure that those breaking the rules find their way back to the right path so that the wrath of the law will not be on them.”
Mr Oyewale said it was illegal for any business operating in the country to charge for its services in foreign denominations apart from the Naira, vowing sanctions for any breach of the law.
“The task force is not just to monitor naira abuse alone but for the whole economy. So, the EFCC is working to ensure that those breaking the rules find their way back to the right path so that the wrath of the law will not be on them.
“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.
“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 said.
“Naira is the symbol of our economy and everything that has to do with the economy in Nigeria must be done in Naira,’’ he added.
He added that not only schools but hotels and other businesses are under scrutiny and as a result, the EFCC would punish anyone caught violating the law.