NIGERIA: EFCC Arraigns Man For Rejecting Naira, Accepting Payment In Dollars

By Onoja Baba, Nigeria

The Economic and Financial Crimes Commission (EFCC) has arraigned a Lagos-based businessman, Precious Chimaobi Uzondu, for allegedly refusing to accept the Naira as legal tender in a financial transaction.

Uzondu was brought before Justice A.O. Owoeye of the Federal High Court in Ikoyi, Lagos, on Wednesday, February 5, 2025, on a two-count charge bordering on his violation of Section 20 of the Central Bank of Nigeria (CBN) Act, 2007.

The charge stemmed from his alleged acceptance of $5,700 (Five Thousand Seven Hundred U.S. Dollars) as payment for a Cartier diamond bracelet instead of the Nigerian Naira.

The EFCC, in a statement shared on its official X (formerly Twitter) handle, disclosed that the defendant’s refusal to accept the Naira contravened the country’s monetary regulations, which mandate the use of the national currency for transactions conducted within Nigeria.

During the court proceedings, Uzondu pleaded not guilty to the charges read against him.

The prosecution counsel, Hannatu U. Kofar Naisa, requested a trial date and urged the court to remand the defendant in a correctional facility pending trial.

However, the defense counsel, Jennifer Achinuagole, filed a bail application and sought the court’s approval for an oral argument on the matter.

In response, the prosecution opposed the bail request, citing a counter-affidavit and a written address submitted to the court.

After listening to both sides, Justice Owoeye granted Uzondu bail in the sum of N5 million, with two sureties who must own verifiable landed properties in Lagos and swear an affidavit of means.

The defendant was ordered to be remanded in the Ikoyi Correctional Centre pending the fulfillment of his bail conditions.

The case was subsequently adjourned to April 8, 2025, for the commencement of trial.