A Lagos court has sentenced a man named Hammed Saka to three months in prison for selling new Naira notes. The Economic and Financial Crimes Commission (EFCC) arrested him and presented the case before Justice Ayokunle Faji of the Federal High Court in Ikoyi.

During the court session, Saka pleaded guilty to the charge. The EFCC’s lawyer, S.I. Suleiman, submitted his confessional statement along with the recovered money. The prosecution then urged the court to convict him.

The charge read

“That you, Hammed Saka, on or about the 14h day of December, 2024, at Villa Dome Event Centre, Okotie-Eboh Street, Ikoyi, in Lagos, within the jurisdiction of this Honourable Court, hawked the sum of N800,000.00 (Eight Hundred Thousand Naira) issued by the Central Bank of Nigeria and thereby committed an offence contrary to and punishable under Section 21(4) of the Central Bank of Nigeria Act, 2007.”

On March 19, 2025, Justice Faji found Saka guilty and sentenced him to three months in jail. However, he was given an option to pay a fine of ₦100,000 instead of serving time in prison.

Apart from the jail term, the court also ordered that the ₦800,000 recovered from Saka be handed over to the Federal Government of Nigeria.

The EFCC has continued to crack down on those illegally trading Naira notes. The agency warns that selling or abusing the Nigerian currency is a serious offense and anyone caught will face legal action.

Selling Naira notes is against the law, and this case serves as a reminder that offenders will be prosecuted.