In a significant move to curb the "dollarisation" of the Nigerian economy, the Ilorin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has secured the conviction of Muhammed Inuwa, a 46-year-old Bureau De Change (BDC) operator.

Inuwa was sentenced to six months' imprisonment on Wednesday, January 21, 2026, by Justice Abimbola Awogboro of the Federal High Court sitting in Ilorin. He was found guilty of a two-count charge involving the refusal to accept the Naira as legal tender and operating a financial business without a valid licence from the Central Bank of Nigeria (CBN).

According to the prosecution, Inuwa's trouble began on July 25, 2024, when he refused to accept Naira for the sale of a traditional garment (Jallabiya) and a wristwatch, opting instead to accept $100. This act violates Section 20 (5) of the Central Bank of Nigeria Act, 2007, which mandates the acceptance of the Naira for all local transactions.

The second count highlighted that Inuwa had been carrying on BDC operations in Lokoja, Kogi State, and Ilorin without the necessary regulatory approvals. Upon his arraignment, the defendant pleaded guilty to the charges.

In her judgment, Justice Awogboro sentenced Inuwa to six months' imprisonment on each count, to run concurrently. However, the court provided an option of a N250,000 fine on each count. This conviction serves as a stern warning from the EFCC to currency dealers and traders in Kwara and neighboring states against undermining the national currency.

Similarly, the second count of the charge reads: "That you, Muhammad Inuwa, sometime between the months of July 2024 to December 2024 in Lokoja, Kogi State, within the jurisdiction of this Honorable Court, did carry on other financial business to wit: Bureau De Change Business, without a valid license issued by the Central Bank of Nigeria contrary to Section 57 (5) of the Bank and Other Financial Institutions Act, 2020 and punishable under Section 57 (5) (b) of the same Act"

However, the defendant pleaded guilty to the charges when they were read to him. Following his plea, the prosecuting counsel, Innocent Mbachie, called the investigating officer, Babatunde Olotu, to review the facts of the case and outline the circumstances surrounding the defendant's arrest. Mbachie thereafter urged the court to convict and sentence the defendant in line with his plea bargain agreement dated January 15, 2026.

In his judgment, Justice Awogboro found the defendant guilty as charged and sentenced him to six months' imprisonment on each count, to run concurrently, with an option of a fine of N250,000 (Two Hundred and Fifty Thousand Naira) on each count.