EFCC issues strong warning to hotels that request payment in dollars


The Economic and Financial Crimes Commission (EFCC) has issued a strong warning to enterprises such as schools, supermarkets, hotels, and others, advising against the practice of accepting payment in dollars or any foreign currency within the nation.


Ola Olukoyede, the Chairman of the Economic and Financial Crimes Commission (EFCC), announced this on Monday in the most recent issue of the commission’s monthly electronic magazine, EFCC Alert.

Olukayode issued a warning to take legal action against anyone involved in the process of adopting the US dollar as the primary currency in the economy. He stressed that Nigerian legislation would categorize such conduct as a criminal offence.


The EFCC underscored its dedication to eliminating illicit forex trading and enforcing compliance with the law among currency dealers, while also acknowledging the Central Bank of Nigeria’s work in this area.


In addition, Olukoyede criticized the tendency of many Nigerians to glorify criminals, highlighting the detrimental consequences of corruption on society.

He implored Nigerians to endorse the EFCC’s endeavors to combat corruption and underscored the necessity of collaborative measures in tackling corruption.

He restated his plea for the creation of specialized tribunals to accelerate corruption trials, urging the National Assembly to support this procedure.


He emphasized the importance of combating corruption in Nigeria’s growth and urged lawmakers to provide legislative backing for extreme measures such as special courts.

The scarcity of available funds in the foreign exchange market has diminished trust in the Nigerian currency, prompting a significant number of Nigerians and businesses to carry out their financial operations using the US dollar.


The EFCC has formed a task force to enforce current rules against currency mutilation and the adoption of the dollar as the primary currency in the economy.

The EFCC made this announcement on February 7, 2024.

Subsequently, all EFCC zonal headquarters have sent a task force to safeguard the economy from misconduct, financial losses, and distortions that may lead to instability and disruption.

The commission further said that it detained other persons engaged in the act of submitting bills in US dollars and defacing the Nigerian currency in both Lagos and Port Harcourt.

By Nnaemeka Odenigbo

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