Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
Justice A. Aluko of the Federal High Court in Ikoyi, Lagos, has convicted and sentenced two persons to six months' imprisonment each for offences bordering on the unlawful trading and hawking of naira notes, in a judgment that reinforces the Central Bank of Nigeria's prohibition on the sale or trade of the country's legal tender. The convicts, Mutairu Omowunmi Tawa and Faith Chukwujeku, were separately arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on one-count charge each, after they were caught engaging in illegal naira transactions on July 25, 2026.
The charge against Mutairu Omowunmi Tawa read that she "did sell and trade in the sum of N850,000.00" at Salamagic Event Centre, Onikan, Lagos, an act contrary to Section 21(4) of the Central Bank of Nigeria Act, 2007, as amended, and punishable under Section 21(10) of the same Act. Faith Chukwujeku was similarly charged with hawking the total sum of N1,300,000 in N200 note denominations issued by the Central Bank of Nigeria, an offence contrary to and punishable under Section 21(4) of the Central Bank of Nigeria (Establishment) Act, 2007.
Both convicts pleaded guilty when the charges were read to them. Following their guilty pleas, prosecution counsel Fanen Anum reviewed the facts of the cases and urged the court to convict and sentence them accordingly. He further urged the court to order the forfeiture of the exhibits recovered from the convicts to the Federal Republic of Nigeria, being the instruments used in committing the crime.
Delivering his judgment, Justice Aluko found the duo guilty and sentenced them to six months' imprisonment with an option of a ₦50,000 fine each. The judge also ordered that the cash marked as exhibit C be forfeited to the Federal Government, being the instrument used in committing the crime. The judgment serves as a strong warning to individuals who engage in the illegal sale and hawking of naira notes, a practice that the Central Bank of Nigeria has consistently condemned.
The Central Bank of Nigeria Act, 2007, explicitly prohibits the hawking, selling, or trading of naira notes or any other notes issued by the bank. Section 21(4) of the Act states that "It shall also be an offence punishable under subsection (1) of this section for any person to hawk, sell or otherwise trade in the Naira notes, coins or any other note issued by the Bank." The EFCC has intensified its enforcement of this provision, with several convictions recorded in recent months as part of efforts to protect the integrity of the nation's currency and deter unlawful commercial activities involving the naira.
The conviction of Mutairu Omowunmi Tawa and Faith Chukwujeku is the latest in a series of successful prosecutions by the EFCC against individuals involved in illegal naira trading. In a similar case earlier in August 2026, Justice F.N. Ogazi of the same Federal High Court in Ikoyi convicted and sentenced four persons to between two and six months' imprisonment for offences bordering on illegal foreign exchange transactions and the unlawful sale of naira notes. The consistent enforcement of the CBN Act reflects the government's determination to curb the circulation of the naira outside formal banking channels and to prevent the abuse of the country's currency.
The EFCC has urged members of the public to desist from hawking or trading in naira notes, warning that offenders will be prosecuted and made to face the full wrath of the law. The commission has also called on citizens to report any suspected illegal currency transactions to its offices or other relevant law enforcement agencies. As the agency continues its crackdown on currency hawkers and illegal traders, the message from the court is unmistakable: the sale of naira notes is a criminal offence, and those who engage in it will be held accountable.
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