An Overview Of The EFCC Alert On Dollarization And Its Legal Status.

In recent times, significant efforts have been made to ensure Naira stability and de-dollarization. In view of this, on April 9, 2024, the Economic and Financial Crimes Commission (“EFCC”) issued a statement in its monthly e-magazine that owners of businesses risk arrest and prosecution if charged for local transactions in foreign currency, and the only exception to this is if a foreigner is not in possession of Naira, such foreigner may make payment using credit cards or foreign currency.