The Economic and Financial Crimes Commission (EFCC) has intensified its surveillance on international schools in Nigeria that charge tuition fees in dollars and other foreign currencies, as part of efforts to ease pressure on the naira.
Dele Oyewale, the Head of Media and Publicity at EFCC, confirmed the development on Thursday, stressing that the agency would take decisive action against schools and organizations violating the law by charging in foreign currencies.
Oyewale 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.”
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He reiterated that “it was illegal for any business operating in Nigeria to charge for its services in foreign denominations apart from the naira, emphasizing that the agency would not hesitate to impose sanctions for any breach of the law.”
The move comes in response to concerns over the continuous depreciation of the naira against the dollar. In February, the EFCC summoned the proprietors of private universities and schools charging tuition in dollars as part of efforts to address forex racketeering.
Speaking on the agency’s efforts, Oyewale emphasized, “Naira is the symbol of our economy and everything that has to do with the economy in Nigeria must be done in naira.”
Supporting the EFCC’s initiative, the National Union of Teachers (NUT) declared its backing for the crackdown on international schools charging in foreign currencies.
NUT President, Titus Amba, underscored the importance of adhering to the national currency in all transactions within Nigeria.
Amba stated, “Acts like these are sabotaging the economy so we support the EFCC and the Federal Government wholeheartedly.”
Echoing similar sentiments, civil society groups called on the government to review agreements with foreign schools and businesses demanding payment in foreign currencies. They emphasized the need to uphold the primacy of the naira and prevent further devaluation.
Emmanuel Onwubiko, the National Coordinator of the Human Rights Writers Association of Nigeria, emphasized the unlawfulness of paying in foreign currencies, urging law enforcement agencies to take decisive action against violators.
Onwubiko urged, “The relevant law enforcement authority is supposed to act decisively to ensure that this kind of illegality is brought to an end.”
Meanwhile, stakeholders in the education sector expressed “concerns over the impact of international schools charging in foreign currencies, highlighting the need for regulatory intervention to safeguard the integrity of the naira and support public education.”
Haruna Danjuma, the President of the Parent-Teacher Association of Nigeria, underscored the importance of regulatory oversight in addressing the issue.
Danjuma remarked, “If EFCC wants to pick them up now, no problem they should do so. We represent public schools.”
As the EFCC intensifies its efforts to enforce compliance with the use of the naira in transactions within Nigeria, stakeholders await further developments in the agency’s crackdown on institutions charging tuition in foreign currencies.