EFCC Establishes Task Force to Tackle Dollarization, Currency Mutilation

In a proactive move to curb illegal dollar transactions and safeguard the stability of the local currency, the Economic and Financial Crimes Commission (EFCC) has established a specialized team consisting of 7,000 individuals across its 14 zonal commands.

This dedicated team is tasked with taking decisive action against individuals engaged in illicit activities related to the trading of dollars.

In a statement released on Wednesday in Abuja, Dele Oyewale, the spokesperson for the anti-corruption agency, announced that the EFCC has extended invitations to owners of private universities and other tertiary institutions that accept foreign currencies, particularly dollars, for tuition fees.

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The purpose of these briefings is to educate these institutions about the significance of recognizing the Nigerian naira as the only legal tender in the country.

Oyewale emphasized, “The EFCC has raised a special task force in all its zonal commands for the enforcement of extant laws against currency mutilation and dollarization of the economy. The task force, inaugurated by the Executive Chairman of the commission, Ola Olukoyede, was raised to protect the economy from abuses, leakages, and distortions, exposing it to instability and disruption.”

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The spokesperson further disclosed that the EFCC had already made some arrests related to the issuance of invoices in dollars and mutilation of the naira in Lagos and Port Harcourt. Proprietors of private universities and institutions charging fees in dollars have been summoned by the commission for briefings.

“The commission is committed to the enforcement of all laws in place for the reflation and stimulation of the economy,” Oyewale stated, underlining the EFCC’s dedication to upholding legal and economic standards in the country.