Ikoyi, Lagos, Nigeria – A man has been sentenced to three months’ imprisonment for hawking new Naira notes. The sentence, announced by the Economic and Financial Crimes Commission (EFCC), also included an option for a fine.
The trial judge, Ayokunle Faji, delivered the verdict on March 19, 2025. The EFCC revealed that the convict was caught with N800,000 in new notes at Villa Dome Event Centre, Okotie-Eboh Street, Ikoyi.
Hawking Naira is illegal under Section 21(4) of the Central Bank of Nigeria (CBN) Act of 2007, which prohibits the sale of any notes issued by the CBN. Despite this law, the practice remains common at celebrations across Nigeria, where party-goers buy the currency to spray on hosts and performers during events.
The EFCC’s ongoing crackdown on Naira hawking intensified last year. Notable cases include that of crossdresser Bobrisky, who faced prosecution for similar offenses. This latest conviction underscores the authorities’ commitment to curbing monetary abuse.
Saka, the convicted man, pleaded guilty to the charges brought against him by the EFCC. Prosecution counsel S.I. Suleiman presented evidence of Saka’s confession and the recovered N800,000, which led to his sentence. Additionally, the judge ordered the forfeiture of this money to the Federal Government.
Other individuals have faced similar consequences, including Azubuike Obasi, who was arraigned in Rivers State last year for selling new banknotes. Testimonies indicated that he sold N20,000 in new notes for N35,000. Other convictions also followed, with individuals receiving sentences ranging from two months to six months for similar offenses.
This trend of prosecution reminds all about the legal ramifications surrounding the act of hawking Naira notes, insisting that compliance with CBN regulations is paramount, especially during festive celebrations.
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