Court Jails Man 4 Years for Rejecting Naira as Legal Tender
Justice Alexander Owoeye of the Federal High Court in Ikoyi, Lagos, on Tuesday, sentenced Uzondu Chimaobi to four years in prison for refusing to accept the Naira as a legal tender.
Chimaobi was arraigned by the EFCC’s Lagos Zonal Directorate 1 on February 5, 2025, on a two-count charge for rejecting the Naira during a transaction.
According to the charge, Chimaobi accepted $5,700 for the purchase of a Cartier diamond bracelet on December 10, 2024, in place of the Naira, violating Section 20 of the Central Bank of Nigeria Act, 2007.
He had initially pleaded not guilty, prompting a full trial before his eventual conviction.
