EFCC Reads Riot Act On Schools Charging Tuition Fees In Dollars

Adoga Stephen By Adoga Stephen - Editor-In-Chief
2 Min Read

The Economic and Financial Crimes Commission is monitoring international schools that charge tuition in dollars and other foreign currencies to help reduce the pressure on the naira.

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

Oyewale said the agency will crack down on schools and other organizations that charge foreign currencies, emphasizing that it is illegal for schools, hotels, and businesses in Nigeria to charge in foreign currencies.

He mentioned that a special task force of 7,000 individuals is monitoring schools and organizations suspected of engaging in this illegal activity across EFCC zonal commands.

To address the decline of the naira against the dollar, the anti-corruption agency called in the owners of private universities and other schools in February to charge tuition in dollars.

Oyewale stated that it is against the law for businesses in the country to charge in foreign currencies other than the naira and warned of penalties for any violations.

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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By Adoga Stephen Editor-In-Chief
Stephen studied Mass Communication at the Lagos State Polytechnic, Ikorodu (now Lagos State University of Science and Technology), where he acquired requisite training for the practice of journalism. He loves the media, and his interest mostly lies in print medium, where his creative writing skill makes him a perfect fit.