The Economic and Financial Crimes Commission (EFCC) has arraigned Precious Chimaobi Uzondu before the Federal High Court in Ikoyi, Lagos, for allegedly refusing to accept the naira as legal tender while conducting a transaction.
Uzondu appeared before Justice A.O. Owoeye on Wednesday, February 5, 2025, facing a two-count charge related to the sale of a Cartier diamond bracelet in foreign currency.
According to an EFCC statement, one of the charges reads:
“That you, Precious Chimaobi Uzondu, on December 10, 2024, in Lagos, within the jurisdiction of this Honourable Court, refused to accept naira (Nigeria’s legal tender) by accepting the sum of $5,700 (Five Thousand Seven Hundred USD) as payment for a Cartier diamond bracelet with serial number (12345678), thereby committing an offence contrary to Section 20 of the Central Bank of Nigeria Act, 2007.”
The case highlights ongoing enforcement efforts by Nigerian authorities to uphold the naira’s status as the sole legal tender for transactions within the country.
[…] when they lost contact with her. Her father, who had access to her phone’s audio through an app, sensed danger after hearing unusual sounds around 4:50 […]
[…] monthly withdrawals transaction fees for customers using other banks’ Automated Teller Machine (ATMs) from March […]
[…] Police Command in Rivers State has arrested a suspected leader of an unnamed cult group alleged to have been involved in numerous […]
[…] Peter Mbah of Enugu State says it is difficult to have development without security, saying that his administration identified the security challenge in Enugu and tackled it […]