The Economic and Financial Crimes Commission has intensified efforts to curb the practice of international schools charging tuition fees in foreign currencies, such as dollars, in a bid to alleviate pressure on the Nigerian naira.
According to Dele Oyewale, the Head of Media and Publicity at EFCC, the agency has initiated surveillance on such schools and other organizations involved in similar practices. Oyewale stated, “It is illegal for any business operating in the country to charge for its services in foreign denominations apart from the naira.”
The EFCC, through its special task force comprising 7,000 operatives spread across its zonal commands, aims to monitor and clamp down on entities engaging in this illegality. This move is part of broader efforts to stabilize the naira amidst its recent depreciation against the dollar.
In February, the agency summoned proprietors of private universities and other schools charging fees in dollars, signaling its determination to tackle the issue. Additionally, the EFCC conducted raids and arrested currency traders suspected of speculating against the naira.
The Finance Minister, Wale Edun, in collaboration with the Governor of the Central Bank of Nigeria, Yemi Cardoso, and EFCC Chairman, Ola Olukoyede, strategized on solutions to address the naira crisis.
Oyewale emphasized the illegality of charging in foreign currencies, stressing that all transactions within Nigeria must be denominated in naira. He warned of sanctions against any breaches of this law, affirming, “The EFCC is against it.”
Titus Amba, President of the National Union of Teachers, expressed support for EFCC’s actions, stating, “Acts like these are sabotaging the economy so we support the EFCC and the Federal Government wholeheartedly.”
