As part of efforts to lessen the pressure on the naira, the Economic and Financial Crimes Commission has put under observation international schools that charge tuition in dollars and other foreign currencies.

Dele Oyewale, the EFCC’s Head of Media and Publicity, confirmed the situation to one of our correspondents on Thursday and threatened to take action against educational institutions and other organizations that demand foreign exchange.

He restated that charging for services in foreign currencies is prohibited for establishments such as hotels, schools, and businesses that operate within the nation.

He clarified that the schools and other organizations that might be involved in the unlawful activity were being watched over by the 7,000-man special task force on dollar racketeers that was operating throughout the EFCC zonal commands.

The ant-graft agency called the owners of private universities and other institutions that charged tuition in dollars in February in an attempt to stop the naira’s uncontrollably steep decline versus the dollar.

A number of raids in Abuja were carried out by the task force, and dealers suspected of speculating against the naira were taken into custody.

Fearing that the country’s currency would weaken further, Wale Edun, the Coordinating Minister for the Economy and Finance Minister, met with Ola Olukoyede, the chairman of the Economic and Financial Crimes Commission, and Yemi Cardoso, the governor of the Central Bank of Nigeria, to suggest ways to resolve the naira situation.

In an interview with reporters on Thursday, EFCC spokesman Oyewale said that the task force was established “to ensure that those breaking the rules find their way back to the right path so that the wrath of the law will not be on them” in response to inquiries concerning the organization’s efforts to combat forex racketeering and stabilize the naira.

Oyewale said that any company doing business in the nation was prohibited from billing for its services in any currency other than the naira and threatened to take legal action against anybody who broke the law.

He stated, “The task force is not just to monitor naira abuse alone but for the whole economy. So, the EFCC is working to ensure that those breaking the rules find their way back to the right path so that the wrath of the law will not be on them.

“Yes, 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.’’

When asked if the hotels, restaurants, and other establishments under observation would face consequences if they were discovered breaking the law, Oyewale said, “They know that we are keeping an eye on them.”

The decision to penalize fraudulent foreign institutions that charge in dollars was greeted with praise by the National Union of Teachers.

This was revealed by NUT President Titus Amba during a conversation with reporters in Abuja.

He said, “Though I am not meant to speak on this because these schools are private schools. However, it is necessary to note that this is Nigeria and if you are going to charge for services, it should be in the national currency which is naira.

“So, we support the EFCC on its mission. Acts like these are sabotaging the economy so we support the EFCC and the Federal Government wholeheartedly.”

Noting that the economy was suffering as a result, Auwal Rafsanjani, the Executive Director of the Civil Society Legislative and Advocacy Center, urged the government to reconsider its memorandum of understanding with international schools and other enterprises that demand payment in foreign currencies.

“This cannot happen in the UK, it cannot happen in America, it cannot happen in any serious country. And that is why the economy is suffering because they have destroyed the value of the naira.