A Federal High Court in Abuja has sentenced a man, Faisal Muhammad, to six months in prison for illegally hawking and selling Naira notes, an offence prohibited under the Central Bank of Nigeria (CBN) Act.
The Economic and Financial Crimes Commission (EFCC) disclosed the development in a statement posted on its X handle on Friday. According to the agency, Justice R. N. Ofili-Ajumogobia delivered the judgment on Tuesday, December 9, 2025, after Muhammad pleaded guilty to a one-count charge filed by the EFCC’s Abuja Zonal Directorate.
Muhammad was arrested in July 2025 at the A.Y.A. area of Abuja for allegedly trading in N3,150,000 worth of Naira notes. He was reportedly caught with N1.7 million in N1,000 notes and N1.45 million in N500 notes, which he was accused of selling illicitly.
The EFCC stated that his actions violated Section 21(4) of the CBN Act, 2007, which forbids the hawking, selling, or trading of Naira notes. The offence is punishable under Section 21(1) of the same Act.
During the arraignment, EFCC counsel Eunice Vou presented Muhammad’s written statement and a portion of the recovered money as evidence. Following his guilty plea, the court proceeded directly to sentencing.
Justice Ofili-Ajumogobia ruled that the prosecution had successfully proved its case, noting that the defendant’s confession removed any doubt about his involvement. She then sentenced him to six months imprisonment, with an option to pay a ₦200,000 fine.
The EFCC reiterated its warning that the illegal sale, abuse, or mutilation of the Naira remains a criminal offence and undermines the integrity of Nigeria’s currency.
