Justice Yellin Bogoro of the Federal High Court, Ikoyi, Lagos, on Friday sentenced two women—Folake Adeoti and Modupe Adewuyi—to one year imprisonment each for hawking Naira notes, an offence under the Central Bank of Nigeria Act, 2007.
The Economic and Financial Crimes Commission (EFCC), in a statement on Sunday, confirmed that the women were arrested on March 21, 2025, in Ikeja, Lagos, while illegally trading in Naira notes. Adeoti, a repeat offender, was caught with N3.85 million, while Adewuyi was found with N1.6 million.
Both pleaded guilty to the charges. Justice Bogoro sentenced Adeoti to one year in prison without an option of fine and ordered the forfeiture of her POS machine and cash to the Federal Government. Adewuyi received a similar sentence with an option of a N500,000 fine, and also forfeited her POS machine and the recovered funds.
The EFCC reiterated its warning against Naira abuse, including spraying, hawking, and mutilation of currency notes, which are punishable offences under Nigerian law.
