The Economic and Financial Crimes Commission has said that it is beaming its searchlights on international schools charging tuition in dollars and other foreign currencies under surveillance as part of measures to reduce the pressure on the naira.
The Head, Media and Publicity, EFCC, Dele Oyewale, who made this known on Thursday 2 April, said the agency would clamp down on schools and other organizations charging foreign currencies.
He stressed that it was illegal for schools, hotels and firms operating in the country to charge for services in foreign currencies.
Oyewale explained that the 7,000-man special task force on dollar racketeers operating across the EFCC zonal commands was monitoring the schools and other organizations that might be involved in the illegality.
In a move to arrest the depreciating state of the naira against the dollar, the EFCC in February summoned the proprietors of private universities and other schools charging tuition in dollars.
The task force also conducted several raids in Abuja, arresting currency traders suspected to be speculating against the naira.
Worried by the free fall of the national currency, the Finance Minister and Coordinating Minister for the Economy, Wale Edun, had met with the Governor of the Central Bank of Nigeria, Yemi Cardoso and the EFCC Chairman, Ola Olukoyede, to proffer solutions to the naira crisis.
While responding to questions about the agency’s efforts to address forex racketeering and stabilize the naira, the EFCC spokesman, Oyewale, on Thursday 2 April, 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.’’
Oyewale noted that 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 added.
Oyewale emphasized that Naira is the symbol of the nation’s economy and everything that has to do with the economy in Nigeria must be done in naira.
Asked if the schools, hotels and other businesses under watch would be punished if caught violating the law, Oyewale responded, ‘’Certainly, they are aware that we are watching them.’’
“Though I am not meant to speak on this because these schools are private schools. However, it is necessary to note that this is Nigeria and if you are going to charge for services, it should be in the national currency which is naira.
“So, we support the EFCC on its mission. Acts like these are sabotaging the economy so we support the EFCC and the Federal Government wholeheartedly.” He noted.
In the same vain, the Executive Director of the Civil Society Legislative and Advocacy Centre, Auwal Rafsanjani, urged the government to review its memorandum of understanding with foreign schools and other businesses demanding payment in foreign currencies, noting that the economy was suffering on account of this.
“This cannot happen in the UK, it cannot happen in America, it cannot happen in any serious country. And that is why the economy is suffering because they have destroyed the value of the naira.” He stated.
