EFCC’s Crackdown on International Schools Charging Tuition Fees in Dollars

In recent developments aimed at stabilizing the Nigerian economy, the Economic and Financial Crimes Commission (EFCC) has intensified surveillance on international schools that charge tuition fees in foreign currencies like dollars. This move comes as part of the agency’s efforts to alleviate the pressure on the naira and curb illegal financial activities.

Monitoring Foreign Currency Transactions

The Head of Media and Publicity at the EFCC, Dele Oyewale, disclosed that a strategic 7,000-man task force has been deployed to investigate and monitor schools and organizations involved in charging services in foreign denominations. The EFCC is resolute in enforcing the prohibition of conducting transactions outside the official currency of Nigeria – the naira.

Cracking Down on Illegality

The EFCC’s crackdown extends beyond educational institutions to encompass a wide array of businesses, including hotels and companies offering services denominated in foreign currencies. Oyewale emphasized that any entity operating in Nigeria must adhere to the legal tender, the naira, for all transactions. The agency has summoned proprietors of private universities and schools that impose tuition fees in dollars, emphasizing the enforcement of the law against such practices.

Protecting the Naira’s Value

As the naira faces continual devaluation against global currencies, the EFCC remains vigilant in safeguarding the integrity of Nigeria’s economic framework. By insisting on conducting transactions in naira, the EFCC aims to bolster the local currency’s stability and deter activities that compromise the nation’s financial structure.

Upholding the Naira’s Dominance

Oyewale reiterated the significance of upholding the naira as the central symbol of Nigeria’s economy. He underscored that all economic transactions within the country must be conducted in naira, irrespective of other foreign options. This stringent stance by the EFCC emphasizes the resilience and integrity of the national currency.

In conclusion, the EFCC’s rigorous measures to clamp down on international schools and businesses charging fees in foreign currencies underscore the agency’s commitment to upholding the naira’s primacy and ensuring compliance with the nation’s financial regulations. By enforcing the use of the naira in all transactions, the EFCC aims to foster economic stability and thwart illicit financial activities that undermine Nigeria’s economic well-being.