A Federal High Court in Abuja has sentenced Faisal Muhammad to six months in prison for hawking and selling Naira notes in violation of the Central Bank of Nigeria (CBN) Act.

The Economic and Financial Crimes Commission (EFCC) announced the ruling in a statement on Friday, revealing that Justice R. N. Ofili-Ajumogobia delivered the verdict on Tuesday, December 9, 2025, after Muhammad pleaded guilty to a one-count charge brought against him by the EFCC’s Abuja Zonal Directorate.

Illegal Sale of Naira Notes

Muhammad was arrested in July 2025 at the A.Y.A. area of Abuja, where he was allegedly found trading a total of ₦3,150,000 in Naira notes. The notes included ₦1.7 million in ₦1000 denominations and ₦1.45 million in ₦500 denominations, which were being sold illegally.

Under the Central Bank of Nigeria (CBN) Act, 2007, it is prohibited to hawk, sell, or trade in Naira notes, and such offenses carry severe penalties. Section 21(4) of the CBN Act specifically outlaws such activities, while Section 21(1) outlines the punishments for violations.

Admission of Guilt and Sentencing

During the court proceedings, the EFCC’s counsel, Eunice Vou, presented Muhammad’s written statement and a portion of the recovered cash as evidence. Muhammad admitted to the charges, leading the court to proceed with sentencing.

Justice Ofili-Ajumogobia, in her ruling, emphasized that the prosecution had proven its case, and Muhammad’s guilty plea left no room for doubt regarding his involvement in the offense.

She sentenced Muhammad to six months’ imprisonment, but also granted him the option to pay a ₦200,000 fine in lieu of the prison term.

CBN’s Ongoing Crackdown on Naira Abuse

This conviction underscores the CBN’s ongoing efforts to prevent the illegal sale and abuse of Naira notes. The EFCC has continually warned against such practices, describing them as criminal activities that damage the integrity of Nigeria’s national currency.

The case serves as a reminder of the legal consequences for individuals involved in the illegal sale of Naira notes, a practice that has the potential to destabilize the currency and undermine the nation’s financial system.