Lagos Court Jails Two for Illegal Naira Trading, Gives N50,000 Fine Option

The Federal High Court sitting in Ikoyi, Lagos, has sentenced two women to six months’ imprisonment each for illegally trading and hawking Nigerian naira notes.

Justice A. Aluko handed down the sentences on Tuesday, August 18, 2026, after the defendants, Mutairu Omowunmi Tawa and Faith Chukwujeku, pleaded guilty to separate charges filed against them by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).

According to the EFCC, Tawa was accused of selling and trading N850,000 at the Salamagic Event Centre in Onikan, Lagos, on July 25, 2026.

Chukwujeku was separately charged with hawking N1.3 million in N200 denominations in Lagos on the same date.

The offences relate to the unlawful sale and trading of naira notes and were prosecuted under Section 21(4) of the Central Bank of Nigeria Act, 2007, as amended.

After the charges were read in court, both defendants pleaded guilty. EFCC prosecutor Fanen Anum subsequently reviewed the facts of the cases and presented the evidence recovered from the defendants.

The prosecution urged the court to convict and sentence the women in accordance with the law. It also requested the forfeiture of the recovered cash to the Federal Government, describing the money as an instrument used to commit the offences.

Justice Aluko subsequently found both defendants guilty and sentenced each to six months in prison, with an option of paying a N50,000 fine.

The court also ordered the forfeiture of the cash marked as Exhibit C to the Federal Government.

The latest convictions come amid increased enforcement against the unlawful trading and hawking of naira notes.

Earlier in August, another Federal High Court in Lagos sentenced four people over illegal foreign exchange transactions and naira trading. One of the defendants received a two-month prison term, while three others were sentenced to six months each, with an option of a N100,000 fine.

The recent cases underscore the EFCC’s continued enforcement of laws regulating currency transactions and the handling of Nigerian banknotes.

The commission has continued to prosecute individuals accused of engaging in prohibited naira trading and related financial offences as authorities seek to curb practices that undermine the integrity of the currency.