In a bid to alleviate pressure on the Nigerian currency, the Economic and Financial Crimes Commission (EFCC) has intensified its surveillance on international schools that charge tuition fees in foreign currencies.
Dele Oyewale, the Head of Media and Publicity at EFCC, confirmed the agency’s move, emphasizing that it would crack down on schools and organizations engaging in such practices.
Oyewale reiterated the illegality of charging for services in foreign currencies within Nigeria’s borders. He disclosed that a specialized task force comprising 7,000 personnel across EFCC zonal commands is closely monitoring schools and other entities suspected of violating this regulation.
The agency’s actions come in the wake of increasing concerns over the depreciation of the national currency against major foreign currencies.
Earlier efforts to address the issue included summoning proprietors of private universities and schools that charged tuition in dollars. Additionally, the EFCC conducted raids in Abuja, apprehending currency traders suspected of speculating against the Naira.
Wale Edun, the Finance Minister and Coordinating Minister for the Economy, held discussions with the Governor of the Central Bank of Nigeria, Yemi Cardoso, and EFCC Chairman, Ola Olukoyede, to devise strategies aimed at stabilizing the Naira amidst its free fall.
Responding to inquiries regarding EFCC’s measures, Oyewale emphasized the agency’s commitment to enforcing regulations and ensuring compliance. He warned of sanctions for entities found flouting the law, stressing the importance of conducting transactions exclusively in Naira within Nigeria’s economy.
The National Union of Teachers (NUT) voiced support for EFCC’s actions, citing the detrimental impact of such practices on the national economy.
Titus Amba, the President of NUT, underscored the necessity for services to be priced in the national currency to uphold economic stability.
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Civil society organizations also weighed in on the matter, urging the government to review agreements with foreign-owned businesses charging in foreign currencies.
They emphasized the need for stringent monitoring and enforcement measures across various sectors, including education, healthcare, and real estate.
Echoing similar sentiments, Emmanuel Onwubiko of the Human Rights Writers Association of Nigeria emphasized the unlawfulness of charging in foreign denominations, calling for decisive action against violators to safeguard the Naira’s integrity.
As the EFCC intensifies its efforts to curb such practices, stakeholders advocate for a robust regulatory framework to prevent further erosion of the Naira’s value and promote economic resilience.
