Reported by: Ijeoma G | Edited by: Gabriel Osa
Abuja, Nigeria — A Federal High Court in Abuja has sentenced a man to six months’ imprisonment after he pleaded guilty to illegally hawking and selling Nigerian currency, in violation of the Central Bank of Nigeria (CBN) Act. The ruling underscores the judiciary’s enforcement of laws designed to protect the integrity of the nation’s currency and deter illicit trading in legal tender.
The defendant, identified as Faisal Muhammad, was convicted by Justice R. N. Ofili-Ajumogobia on 9 December 2025 following his admission of guilt to a one-count charge brought by the Abuja Zonal Directorate of the Economic and Financial Crimes Commission (EFCC). According to court records, Muhammad was arrested in July 2025 in the A.Y.A. area of Abuja while openly selling Naira notes — a practice expressly prohibited under Section 21(4) of the Central Bank of Nigeria Act, 2007, which outlaws the hawking, selling, or trading of Naira notes for profit.
At the time of his arrest, authorities recovered a total of ₦3,150,000 in cash from Muhammad, comprising ₦1.7 million in ₦1,000 denominations and ₦1.45 million in ₦500 notes, all of which were allegedly intended for unlawful sale. During proceedings, EFCC counsel Eunice Vou tendered Muhammad’s written statement and a portion of the recovered money as evidence, helping to establish the prosecution’s case.
In delivering the judgment, Justice Ofili-Ajumogobia held that the prosecution had sufficiently proven the offence, citing the defendant’s voluntary plea and documented admission as key factors in the court’s decision to convict. The judge sentenced Muhammad to six months’ imprisonment, with an option to pay a ₦200,000 fine in lieu of serving the full jail term.
The ruling reflects provisions under the CBN Act that are aimed at safeguarding the nation’s currency from exploitation and misuse. This offence carries penalties intended to discourage individuals from engaging in unauthorised trade or circulation of Naira notes outside formal banking and financial channels, practices which can undermine monetary policy, fuel speculative markets, and erode public confidence in the legal tender system.
Officials from the EFCC, which investigated and prosecuted the matter, reiterated that the enforcement of currency laws remains a priority in the face of economic pressures and ongoing concerns about illicit currency trading. The commission has, in recent years, pursued several cases involving violations of currency regulations, ranging from hawking and unregulated sales to other forms of abuse prohibited under Nigerian law.
Legal analysts said the conviction serves as a cautionary example to others who might seek to profit from the resale or distribution of legal tender outside authorised banking networks, which the CBN and regulatory agencies view as a threat to the stability and orderly circulation of the nation’s currency.
The case continues to draw attention to broader efforts by law enforcement and financial regulators to uphold the rule of law in financial markets, particularly at a time when currency scarcity and distribution challenges have periodically triggered informal markets for Naira notes in several parts of Nigeria.
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