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| Faisal Muhammad sentenced to six months imprisonment for hawking and selling Naira notes illegally in Abuja. |
The 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 Act, 2007. Justice R. N. Ofili-Ajumogobia delivered the judgment on Tuesday, December 9, 2025, following Muhammad’s guilty plea to charges brought against him by the Economic and Financial Crimes Commission (EFCC).
Muhammad, who was arraigned by the Abuja Zonal Directorate of the EFCC on December 1, 2025, faced a one-count charge accusing him of unlawfully hawking and selling Naira notes in the federal capital territory. The EFCC alleged that sometime in July 2025, Muhammad engaged in the sale of a total sum of Three Million, One Hundred and Fifty Thousand Naira (N3,150,000) at A.Y.A, Abuja.
The illegal transactions involved Naira notes in denominations of One Thousand Naira (N1,000) totaling One Million, Seven Hundred Thousand Naira (N1,700,000) and Five Hundred Naira (N500) totaling One Million, Four Hundred and Fifty Thousand Naira (N1,450,000). The offence is punishable under Section 21(1) of the CBN Act, 2007.
During the court proceedings, Muhammad voluntarily admitted to the offence, acknowledging that he had hawked and sold the Naira notes. The prosecution, led by Eunice Vou, tendered the defendant’s statement and the recovered N1,000 and N500 notes as evidence. In passing judgment, Justice Ofili-Ajumogobia emphasized that the defendant’s voluntary plea and admission of guilt were taken into consideration, but noted that the offence constituted a serious breach of the law.
The court ultimately convicted Muhammad and sentenced him to six months imprisonment. The judge also offered the option of paying a fine of Two Hundred Thousand Naira (N200,000) as an alternative to serving the jail term. Justice Ofili-Ajumogobia reiterated that the sale and hawking of Naira notes outside approved channels undermine the stability of Nigeria’s financial system and contravene the regulations set forth by the Central Bank of Nigeria.
Muhammad’s arrest in July 2025 was the result of EFCC operatives’ efforts to clamp down on illegal dealings in the national currency. The commission recovered a total of N3,150,000 in different denominations from the defendant, highlighting the scale of the unlawful activity. The EFCC has consistently warned members of the public against engaging in unauthorized sales of Naira notes, emphasizing that such acts constitute an offence under the law and attract strict penalties including imprisonment and fines.
The prosecution told the court that Muhammad had deliberately circumvented the established financial regulatory framework by hawking Naira notes, an act that disrupts the orderly distribution and circulation of the country’s legal tender. The EFCC noted that the illegal trade in Naira notes not only violates the Central Bank of Nigeria Act but also contributes to broader economic instability by creating unauthorized channels for cash transactions.
Observers of the case noted that the sentence reflected the judiciary’s determination to maintain strict compliance with the financial regulations governing the nation’s currency. Legal analysts have emphasized that while Muhammad received a relatively short custodial sentence, the case serves as a strong warning to others who might consider engaging in similar illegal activities. The option of paying a fine in lieu of imprisonment provides an avenue for financial restitution, but the conviction remains a matter of public record and underscores the seriousness of currency-related offences.
The EFCC has, over the years, intensified its efforts to address financial crimes in Nigeria, including illegal dealings in currency, fraud, and other economic offences. The commission regularly conducts raids and investigations to detect and apprehend individuals involved in unlawful activities that threaten the integrity of the financial system. Cases such as Muhammad’s are part of a broader strategy to safeguard the national currency and ensure adherence to legal frameworks established by the Central Bank of Nigeria.
Muhammad’s conviction highlights the ongoing challenges faced by regulatory authorities in enforcing currency-related laws in urban areas, where illicit trading can easily occur. The EFCC continues to appeal to members of the public to report suspicious activities involving the sale or distribution of Naira notes outside approved banking channels. Authorities stress that compliance with the law is essential not only for the protection of the national economy but also to prevent individuals from facing criminal prosecution.
The six-month sentence, or the alternative fine of N200,000, reflects the court’s consideration of the defendant’s cooperation and admission of guilt. Nevertheless, the case has drawn attention to the potential risks of hawking and selling Naira notes, highlighting the need for continued public education on legal financial practices. The conviction also serves as a reminder of the judiciary’s role in enforcing the law and supporting the Central Bank of Nigeria in maintaining the integrity of the national currency.
Muhammad’s case underscores the wider implications of currency trafficking in Nigeria, including its impact on economic stability and the importance of following proper legal procedures in financial transactions. It serves as a cautionary tale for those who might seek to profit from illegal dealings in Naira notes, reinforcing the message that the legal system will act decisively against violations of the CBN Act, 2007.
The EFCC has reiterated its commitment to curbing financial crimes across the country and ensuring that all individuals and businesses adhere to established banking and currency regulations. The commission’s continued vigilance aims to maintain public confidence in Nigeria’s financial system and deter illegal activities that could undermine economic growth.
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