EFCC clamps down on international schools charging tuition fees in dollars

The Economic and Financial Crimes Commission has placed international schools charging tuition in dollars and other foreign currencies under surveillance to reduce the pressure on the naira.

The Head of Media and Publicity, EFCC, Dele Oyewale, confirmed the development to Punch on Thursday.

He said the agency would clamp down on schools and other organisations charging foreign currencies, stressing that it was illegal for schools, hotels and firms operating in the country to charge for services in foreign currencies.

According to him, 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 illegality.

In a move to curb the free fall of the naira against the greenback, the ant-graft agency summoned the proprietors of private universities and other schools in February, charging tuition in dollars.

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.

He stated, “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.

“Naira is the symbol of our economy and everything that has to do with the economy in Nigeria must be done in naira.’’


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