A Federal High Court sitting in Ilorin, Kwara State, has sentenced a 46-year-old Bureau De Change (BDC) operator, Muhammed Inuwa, to six months in prison for rejecting the naira as legal tender.
The BDC operator was prosecuted by the Ilorin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) as part of its renewed efforts to curb the dollarisation of the Nigerian economy.
Inuwa was convicted for refusing to accept the naira as legal tender and for operating without a valid licence. He was sentenced to six months’ imprisonment yesterday by Justice Abimbola Awogboro, after being found guilty on a two-count charge brought against him by the anti-graft commission.
Count one of the charge reads, “That you, MUHAMMED INUWA, on or about the 25th day of July, 2024, within the jurisdiction of this Honorable Court, refused to accept naira (Nigeria legal tender) by accepting the sum of $100 (One Hundred Dollars) as a means of payment for the purchase of a Jallabiya (a loose-fitting traditional garment) and a wristwatch, and thereby committed an offence contrary to and punishable under Section 20(5) of the Central Bank of Nigeria Act, 2007.”
Count two reads, “That you, MUHAMMED INUWA, sometime between July 2024 and December 2024 in Lokoja, Kogi State, within the jurisdiction of this Honorable Court, carried on other financial business, to wit: Bureau De Change Business, without a valid license issued by the Central Bank of Nigeria, contrary to Section 57(5) of the Banks and Other Financial Institutions Act, 2020, and punishable under Section 57(5)(b) of the same Act.”
The defendant pleaded guilty to the charges, prompting the prosecuting counsel, Innocent Mbachie, to call the investigating officer, Babatunde Olotu, to review the facts of the case and outline the circumstances surrounding Inuwa’s arrest.
Mbachie thereafter urged the court to convict and sentence the defendant in line with a plea bargain agreement dated January 15, 2026.
In his judgment, Justice Awogboro found the defendant guilty as charged and sentenced him to six months’ imprisonment on each count, to run concurrently, with an option of a ₦250,000 fine on each count.
