Economic and Financial Crime Commission (EFCC) has established 70,000 task force with the sole aim of tracking Dollar Racketeers in Nigeria. The task forces are to operate in the 14 Zonal commands targeting the Dollar Racketeers.
Dele Oyewale, The anti- graft agency’s spokesperson, said in his statement on Wednesday in Abuja where he claimed that the committee invited the owners of private colleges and other institutions that collect tuition in dollars.
The report shows that those affected include all private universities and other tertiary institutions that charge dollars and other foreign currencies.
This occurred after multiple policies aimed at ensuring surplus liquidity were implemented, yet the value of the Nigerian naira fell from roughly N900 to almost N1,500 dollars in the official market.
It was reported that the Central Bank of Nigeria (CBN) had imposed limits on how much banks can hold in foreign currencies as it addressed banks’ net open position (NOP) limits on foreign currency assets and liabilities. It also fixed $1 million as the minimum share capital requirement for International Money Transfer Operators (IMTOs) in Nigeria, amongst other changes