Court Sentences Man to Six Months for Illegal Naira Trading in Ibadan


The Federal High Court sitting in Ibadan, Oyo State, has convicted and sentenced a man, Ayorinde Festus Morakinyo, for the illegal trading of Nigeria's legal tender in contravention of the Central Bank of Nigeria (CBN) Act.


Justice Nkeonye Maha delivered the ruling on Tuesday, following the arraignment of the defendant by the Economic and Financial Crimes Commission (EFCC), Ibadan Zonal Directorate. Morakinyo was charged on March 26, 2025, on a one-count charge related to the unlawful sale of naira notes.

According to court documents, Morakinyo was accused of selling ₦1,000,000 worth of ₦1,000 and ₦500 notes for a sum of ₦50,000, an act in violation of Section 21(4) of the Central Bank of Nigeria Act, 2007 and punishable under Section 21(1) of the same legislation.

The charge read in court stated:
"That you, Ayorinde Festus Morakinyo, sometime in December 2023 in Ibadan, within the jurisdiction of this Honourable Court, did sell the sum of ₦1,000,000.00 in ₦1,000 and ₦500 denominations, issued by the Central Bank of Nigeria, for the sum of ₦50,000.00 and thereby committed an offence contrary to Section 21(4) of the Central Bank of Nigeria Act, 2007 and punishable under Section 21(1) of the same Act."

Morakinyo pleaded guilty to the charge. Prosecution counsel, Sanusi Galadanchi, called EFCC operative Adegbite Adebayo to present incriminating evidence, including documents and items retrieved during the investigation. Galadanchi urged the court to convict the defendant in line with the law.

Justice Maha subsequently convicted Morakinyo and handed him a six-month prison sentence, with an option of a ₦50,000 fine.

The defendant’s arrest was made in February 2024 at a nightclub in Ibadan, where he was caught engaging in the illicit sale of naira notes. The EFCC had earlier warned that such acts undermine the integrity of the Nigerian currency and violate financial laws aimed at stabilizing the economy.

The EFCC continues to intensify its clampdown on individuals and groups involved in the abuse and illegal trade of the naira, reiterating the importance of preserving the sanctity of the national currency in line with the CBN’s regulatory guidelines.

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