A Federal High Court in Abuja has sentenced Faisal Muhammad to six months’ imprisonment for hawking and selling Naira notes in violation of the Central Bank of Nigeria (CBN) Act.
The Economic and Financial Crimes Commission (EFCC) disclosed in a statement on its X handle on Friday that Justice R. N. Ofili-Ajumogobia delivered the judgement on Tuesday, December 9, 2025, after Muhammad pleaded guilty to a one-count charge filed by the Abuja Zonal Directorate of the Commission.
Muhammad was arrested in July 2025 in the A.Y.A area of Abuja while allegedly trading N3,150,000 in Naira notes. The EFCC said he was found with N1.7 million in N1,000 notes and N1.45 million in N500 notes, which were reportedly being sold illegally.
The court heard that Muhammad violated Section 21(4) of the CBN Act, 2007, which prohibits the hawking, selling, or otherwise trading in Naira notes. During the arraignment, EFCC counsel Eunice Vou tendered Muhammad’s written statement and part of the recovered cash as evidence.
Justice Ofili-Ajumogobia held that the prosecution had proven its case, noting that Muhammad’s admission of guilt left no doubt about his involvement. He was sentenced to six months in prison with an option to pay a N200,000 fine.
The EFCC reiterated its warning against the illegal sale and abuse of Naira notes, describing such acts as criminal offences that undermine the integrity of Nigeria’s currency.
